Korn/Ferry appoints managers, closes graduate recruitment site

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A spokesman in London said there were no plans for redundancies. The firm has already laid off 20% of its staff this year.

Korn/Ferry bought its student recruitment site, JobDirect, last year.

The firm said it was consolidating its marketing, technology, finance and human resources functions and was &quotco-locating&quot the front office operations of Korn/Ferry and Futurestep, its online recruitment arm targeting middle managers.

Robert McNabb becomes president of Futurestep for the Americas and Asia/Pacific, with a view to accelerating its cross-selling partnership with Korn/Ferry. He was formerly president and CEO of Corestaff Staffing and is on the board of HotJobs.com, the internet recruiter.

Korn/Ferry will have a new management structure, which includes the creation of a global operating committee to be chaired by James Boone, president of the Americas region. Stephen Semprevivo, formerly CEO of Futurestep, will be Korn/Ferry's chief administration officer.

In recent months the downturn in fortunes at Korn/Ferry and other recently publicly-listed recruitment firms has led to speculation that they might return to private ownership. On Thursday Korn/Ferry's share price on the NYSE stood at $9.38, up from a low of $6.66 in October but down from $30.44 a year ago.

Paul Reilly, CEO of Korn/Ferry, said the firm was aiming to evolve from a traditional search firm to &quota relationship driven provider of executive human capital services.&quot

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