TMP Worldwide Executive Search Views Threatened Lawsuit by Korn/Ferry International as Baseless
Finds Korn/Ferry Objections to TMP's Recent Hiring of James M. Bethmann and Jeremy C. Hanson Legally Baseless and Without Merit
NEW YORK, Mar 4, 2002 (BUSINESS WIRE) -- TMP Worldwide Inc. (NASDAQ: TMPW), the world's leading supplier of human capital solutions, including the pre-eminent Internet career portal Monster (R), today reiterated its welcome to two newly hired, former Korn/Ferry International executives, and dismissed a threatened lawsuit by Korn/Ferry over the hiring, calling the Korn/Ferry allegations baseless and without merit.
As noted in TMP's February 22, 2002 press release, former Korn/Ferry executives James M. Bethmann and Jeremy C. Hanson were appointed to senior positions within TMP Executive Search, North America. Five days later, attorneys representing Korn/Ferry International sent a letter to TMP, threatening a lawsuit unless, among other things, TMP immediately withdraws its offers of employment to these two executives and immediately ceases the recruiting of any and all Korn/Ferry employees.
"Korn/Ferry is clearly upset that two of their top performers have decided to join TMP Worldwide. The truth of the matter is that these executives called us," stated John Mclaughlin, Group President, TMP Worldwide, Americas. "In fact, our Executive Search division has received more than a dozen unsolicited calls from other Korn/Ferry executives since our public announcement of the hiring of Bethmann and Hanson."
"I find it especially ironic and troubling that, without any evidence of wrongdoing by TMP, Korn/Ferry sees fit to condemn and threaten us over actions that fundamentally define the executive search business in which they operate," continued Mclaughlin. "The bottom line is that TMP is the firm with a vision for the future of executive recruitment - at every level - and that's attracting the industry's top talent."
Mclaughlin also points out that while inducing hundreds of executives to move from one employer to another, Korn/Ferry should recognize that such moves can be accomplished without violation of any laws or enforceable contractual restrictions. Contrary to the assertion of Korn/Ferry's counsel, TMP has hired these two key individuals in a lawful and legitimate manner and has not and will not induce them to breach any of their valid obligations to Korn/Ferry.
About TMP Worldwide
Founded in 1967, TMP Worldwide Inc., with more than 11,000 employees in 32 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, headquartered in Maynard, Mass., is the leading global careers website, recording over 41 million unique visits during the month of January 2002 according to independent research conducted by I/PRO. Monster 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 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 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 is available at www.monster.com or by calling 1-800-MONSTER.
Special Note: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: 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.