Randstad not transparent in CEO communications

In a Dutch TV interview following the Full-Year results, I got the impression that Ben Noteboom, CEO Randstad, stepped down because he decided it was time for a change. The press release Randstad issued last year to announce his departure does not communicate that the Supervisory Board initiated his departure.
Randstad decided not to disclose this important piece of information immediately and rather wait until a journalist asked the question about who took the initiative for his departure.

This was not a good strategy. It negatively impacts both Ben Noteboom’s and the company’s reputation:

  1. There is now bigger negative attention for the CEOs departure, because he did not leave voluntarily and this is now bigger news since the company did not communicate this before.
  2. The high exit bonus could not be explained before. Randstad missed this opportunity.
  3. Since the company has not been transparent, there will be doubts going forward about what the company does not pro-actively disclose.

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