Alistair Cox, the CEO of the British international recruitment agency Hays, has resigned from his position after more than 17 years at the helm of the company. The decision came after the publication of the financial report for the first half of the fiscal year, which showed a significant decline in net fees and group profits. These results reflect a prolonged global downturn in demand for recruitment services, particularly evident in the technology and consulting sectors. Simon Wilkes, the company's current Chief Financial Officer, has been appointed as Cox's interim successor and will serve as Managing Director until the process of finding a permanent candidate is completed.

CEO Resignation

Alistair Cox, the long-serving CEO of Hays, is leaving the company. His departure follows directly after the announcement of financial results, suggesting a link to the company's weak performance. Simon Wilkes, the current Chief Financial Officer, is taking on the role of Managing Director on an interim basis.

Decline in Net Fees and Profits

In the first half of the financial year (July–December 2025), Hays's net fees fell by 12% on a like-for-like basis. Adjusted operating profit decreased by as much as 33%. This decline is consistent across all of the group's main operating regions, with the largest drops recorded in the UK and Ireland and in Asia.

Global Decline in Recruitment Demand

Hays's results reflect a broader, prolonged slowdown in the global labor market, especially in sectors sensitive to economic conditions, such as technology and consulting. Companies worldwide are reducing hiring and personnel spending, which directly impacts recruitment agencies' revenues.

Outlook and Future Strategy

Despite difficult market conditions, Hays's management emphasizes the company's financial stability, including a solid net cash position. The company announces the continuation of strategic investments and a focus on cost control. Simultaneously, the process of searching for a permanent successor to the CEO position has already begun.

The British international recruitment agency Hays announced significant board changes and financial results on Thursday (27 February) that reveal the deep challenges facing the sector. CEO Alistair Cox, who led the company for over 17 years, resigned with immediate effect. His departure follows directly after the publication of the report for the first half of the fiscal year, which revealed a drastic decline in key financial indicators. The company's net fees fell by 12% on a like-for-like basis, and adjusted operating profit decreased by one third. Interim leadership of the company is being assumed by Simon Wilkes, the current Chief Financial Officer, who will serve as Managing Director until a permanent replacement is found. The presented results reflect a prolonged global crisis in the labor market, which particularly affects the permanent and temporary recruitment sector. The company points to a clear slowdown in demand, especially in the technology and consulting sectors, which have traditionally been strong growth engines. Declines were recorded in all of Hays's main operating regions. In Germany, the company's largest single market, net fees fell by 9%. An even more difficult situation prevails in the UK and Ireland, where the decline was 13%, and in the Asia and Australasia region, where it was 15%. „The market remains exceptionally challenging, but our geographic and sector diversity, strong brand and operational capability mean we are well placed to navigate this period and position for the recovery.” — Simon Wilkes, Managing Director of Hays Founded in 1968, Hays was for decades a symbol of the dynamic development of the global specialist recruitment market. Its expansion in the 1990s and early 2000s went hand in hand with increasing professional mobility and demand for skilled personnel. The company's results are considered a barometer of the global economy's health, particularly regarding employment in professional sectors.Despite the grim data, Hays management is trying to convey a message of stability. The company's strong balance sheet and financial liquidity are emphasized. The company declares readiness to continue strategic investments while maintaining rigorous cost control. However, the analysis of the situation is complicated by the fact that difficult market conditions may persist. The departure of an experienced CEO at a crucial moment introduces an additional element of uncertainty for investors and employees. The process of searching for a new Chief Executive Officer has already begun, and its outcome will be crucial for defining the future strategy of one of the largest players in the global recruitment market.

Mentioned People

  • Alistair Cox — CEO of Hays, who resigned from his position after more than 17 years leading the company.
  • Simon Wilkes — The current Chief Financial Officer of Hays, who was appointed interim Managing Director following the departure of Alistair Cox.