Change starts managers' equity plan

Published on Tuesday 29 January 2008 09:15

CHANGE Recruitment, one of Scotland's biggest independent job placement agencies, has launched an equity scheme for a number of its managers, giving them a stake in the business.

It's believed that Change is one of the first privately-owned firms in the recruitment sector north of the border to give top performers a slice of the company.

The move follows the successful 14 million management buyout (MBO) of Change, which has bases in Edinburgh and Glasgow, in 2006.

Eleven managers have been given an undisclosed stake in Change, with another slice of equity held in reserve for future top staff. Suzanne Ramsay, chief executive of Change who led the MBO, said: "Managers who have performed exceptionally well, not only as a valuable fee earner, but those who have excelled in performance for the company and shown that extra commitment and loyalty to the organisation, have been selected by the board to become shareholders in Change."

Ms Ramsay said that she envisaged the select group of new shareholders becoming a "second tier of management" who will expand and grow the business, which currently employs 140 staff.