Recruiter Michael Page hires new head

Recruitment giant Michael Page today did some headhunting of its own, hiring Bain & Co's former UK boss Robin Buchanan as its new chairman.

The headhunter said its incumbent chair, Sir Adrian Montague, will retire at the end of the year after nine years in post.

His replacement is already on Page's board; Buchanan also holds seats in the boardrooms of fund manager Schroders, and chemical maker LyondellBasell.

The move came as Michael Page warned that the economic slowdown is hitting recruitment around
the world.

Although its underlying profit still jumped 22% to £142.7 million in the three months to November, net fee growth slowed from 32% to 23% in the Middle East and North Africa and from 46% to 35% in Asia. The picture was even worse in the UK, where fee growth dropped from 6% in the second quarter to just 0.3% in the three months to November.

"Markets have weakened and become more uncertain, reducing our short-term visibility," said chief executive Steve Ingham.