Talent management provider Hudson Global (NASDAQ:HSON) reported Q4 earnings results. Fiscal 2013 was a challenging year to say the least. While several growth initiatives were most encouraging, the multiyear turnaround plan has yet to deliver. The following note will outline key developments and revisit the September 2013 Investment thesis Make Up Or Breakup: Unlocking Value At Hudson Global.
Context is Key
As a quick recap, Hudson Global is a rollup of more than 67 acquisitions in the human resource and professional staffing industry. Since inception as a public company in 2003, Hudson has struggled to consolidate this diverse portfolio of businesses. In 2011 after a dilutive capital raise, the Board hired CEO Manuel Marquez to tackle these...
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