TMP Worldwide Announces Strategic Reorganization; Jim Treacy Named President of TMP Worldwide
This strategic reorganization reflects TMP's continuing commitment to deliver its full spectrum of employment solutions to its large and diverse client base.
Jim Treacy Named President of TMP Worldwide
As part of the strategic reorganization, Jim Treacy, 43, has been named President of TMP Worldwide. He will continue to serve as Chief Operating Officer and will assume direct day-to-day responsibility for all of the Company's business. Mr. Treacy will continue to report to Andrew J. McKelvey, Chairman and Chief Executive Officer of TMP Worldwide, and will be part of the newly created Office of the Chairman.
Andrew J. McKelvey commented, "First, I'm very pleased to announce that Jim Treacy has been appointed to President of TMP Worldwide. Jim has proven over his seven-year tenure at TMP to be an outstanding management talent and excellent leader with unwavering dedication and commitment to growing and improving TMP for our employees, clients and shareholders. I have every confidence that Jim will be instrumental in driving continuing and meaningful increased performance results for the Company."
Appoints Senior Executives to Office of the Chairman
In addition to Jim Treacy, the Company also created three Global Director positions. Jeff Taylor, 41, former CEO of Monster.com, is appointed Global Director Interactive; Peter Dolphin, 54, former CEO of Advertising & Communications, is appointed Global Director Advertising & Communications; and Andrew Banks, 49, former CEO of eResourcing, is appointed Global Director of a newly formed group, combining eResourcing and Executive Search capabilities. The role of each Global Director will be to develop and provide leadership for the strategic product and service direction of each business segment. Paul Camara, 53, will continue as Executive Vice President, Creative, Sales and Marketing. All five senior executives will report directly to Mr. McKelvey as part of the Office of the Chairman.
Mr. McKelvey commented, "The reorganization announced today, enables TMP Worldwide to better align our resources with our number one goal -- to deliver better solutions to our clients, on a more timely basis. With the strategic leadership of Jim Treacy, Jeff Taylor, Peter Dolphin, Andrew Banks and Paul Camara, we have a tremendous amount of talent and expertise in the human capital solutions market. Under their direction, TMP will continue to be the market leader in providing innovative solutions to our clients on a global basis."
Reorganizes into Three Geographic Regions; Appoints Three Group Presidents
On an operating basis, the Company will be reorganized into three geographic regions: North America, Europe and Asia Pacific. Formerly, TMP was organized by business segment. Each region will be led by a Group President, who will have profit and loss responsibility for the region, and will report directly to the President. On an interim basis, Jim Treacy will serve as Group President of North America, and Peter Dolphin will serve as Group President of Europe. Stuart McKelvey, formerly CEO of Directional Marketing, has been named Group President of the Asia Pacific Region. The regional structure enables TMP to adopt a shared services approach for Information Technology, Accounting, Treasury, Marketing and Advertising, Legal, Tax, and Human Resources, which will reduce redundancy and improve the efficiency of operations. Further, the regionally consolidated operations will facilitate the standardization of processes and procedures across country borders.
Mr. McKelvey continued, "By moving to a regional structure, we are now able to capitalize on a new level of synergies across our business segments and most importantly, provide each of our clients with value-added solutions that range from Intern to CEO. With a broad collection of human capital products and services, we are in the unique position to leverage our existing customer relationships and increase our market share with each client, which will further drive our organic growth. Cross selling has been a focus at TMP for several years now, and today's action significantly advances us towards our goal of providing one-stop-shopping solutions. I am very excited about the significant new growth prospects this organizational structure will now afford us."
In addition, Bart Catalane, Chief Financial Officer of TMP, has resigned from the Company to pursue a senior operating position with a prominent media organization and will be succeeded by Bob O'Connell. Mr. O'Connell, formerly Group President of Monster.com, will assume the responsibility of acting Chief Financial Officer. Mr. O'Connell began his career at TMP Worldwide as Chief Financial Officer of the Recruitment Advertising division and was later promoted to Chief Operating Officer at Monster.com. Prior to joining TMP, he served as Corporate Controller to The Ogilvy Group Inc. and held senior finance positions for Ogilvy & Mather. O'Connell attended Saint John's University, where he received a B.B.A. He is a member of the American Institute of Certified Public Accountants, and worked as a CPA for Deloitte & Touche for 12 years.
"In summary, today's announcement emphasizes our commitment to growth and the long-term vision at TMP Worldwide. We will continue to differentiate TMP from competitors by offering clients the best portfolio of human capital solutions and services in the industry, and our new structure strengthens this competitive advantage. We are extremely confident that our senior management team and structure will enable us to continue to innovate and lead the human capital market, which will allow us to further maximize shareholder value and create better opportunities for our employees," concluded Mr. McKelvey.
About TMP Worldwide
Founded in 1967, TMP Worldwide Inc., with more than 10,500 employees in 33 countries, is the online recruitment leader, the world's largest Recruitment Advertising agency network, and one of the world's largest Executive Search & Executive Selection agencies. TMP Worldwide, headquartered in New York, is also the world's largest Yellow Pages advertising agency and a provider of direct marketing services. The Company's clients include more than 90 of the Fortune 100 and more than 480 of the Fortune 500 companies. In June 2001, TMP Worldwide was added to the S&P 500 Index. More information about TMP Worldwide is available at www.tmp.com.
Monster.com, headquartered in Maynard, Mass., is the leading global careers website, recording over 24.9 million unique visits during the month of September 2001 according to independent research conducted by I/PRO. Monster.com connects the most progressive companies with the most qualified career-minded individuals, offering innovative technology and superior services that give them more control over the recruiting process. The Monster.com global network consists of local content and language sites in the United States, United Kingdom, Australia, Canada, the Netherlands, Belgium, New Zealand, Singapore, Hong Kong, France, Germany, Ireland, Spain, Luxembourg, India, Italy, Sweden, Norway, Denmark, Switzerland, and Finland. Monster.com is the official online career management services sponsor of the 2002 Olympic Winter Games and 2002 and 2004 U.S. Olympic Teams. More information about Monster.com is available at www.monster.com or by calling 1-800-MONSTER.
Special Note: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the company's strategic direction, prospects and future results. Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, risks associated with acquisitions, competition, seasonality and the other risks discussed in our Form 10-K and our other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.
TMP Worldwide will report third-quarter financial results after the market closes on Monday, November 5, 2001 and will hold a conference call and webcast on Tuesday, November 6, 2001.