HireQuest prepares for CFO transition as Crane retires

GOOSE CREEK, SC - HireQuest Inc. (NASDAQ:HQI), a national staffing services franchisor, announced the upcoming retirement of its Chief Financial Officer, Steve Crane, effective May 31, 2025. David Hartley, the current Vice President of Operational Finance and Corporate Development, is set to take over the CFO role. According to InvestingPro data, the company maintains strong financial health with a current ratio of 2.04, indicating solid liquidity management under Crane's leadership.

President and CEO Rick Hermanns expressed gratitude for Crane's contributions to HireQuest, particularly in the development of the accounting and finance department. Hermanns also noted Hartley's impressive financial expertise and his pivotal role in the company's strategic acquisitions, which positions him well to succeed Crane and drive shareholder value. InvestingPro analysis suggests positive momentum ahead, with net income expected to grow this year. Subscribers can access 10+ additional ProTips and comprehensive financial metrics for deeper insights.

Crane will assist in the transition over the next several weeks, also contributing to strategic initiatives and special projects. Cory Smith, the Chief Accounting Officer since 2016, will support the transition.

Hartley, who joined HireQuest in 2020 to lead the acquisition team, later took charge of the Operational Finance department. His background in investment banking and his operational and financial leadership are seen as assets that will help him in his new role as CFO.

Crane expressed pride in his tenure as CFO and confidence in Hartley's capabilities, looking forward to aiding in the transition.

HireQuest operates across U.S. and international markets, offering staffing solutions through divisions including HireQuest Direct, HireQuest Health, MRINetwork, Snelling, and TradeCorp. The company focuses on various industries, from construction to healthcare and engineering. Trading at a P/E ratio of 38.6 with a dividend yield of 2.22%, the stock has experienced a 23.35% decline year-to-date, potentially presenting an opportunity for value investors. For detailed valuation analysis and growth projections, check out the comprehensive Pro Research Report available on InvestingPro.

This announcement is based on a press release statement from HireQuest Inc. and includes forward-looking statements subject to risks and uncertainties. Factors that could cause actual results to differ include economic conditions, company and franchisee performance, customer demand, and regulatory changes, among others. Further details can be found in HireQuest's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q.

In other recent news, Hirequest Inc. reported a decline in revenue for the fourth quarter of 2024, falling to $8.1 million, which marks a 17.2% decrease compared to the same period last year. This figure was below the consensus estimate of $9.3 million, attributed to challenges in the executive search business and unfavorable holiday timing. Despite the revenue shortfall, the company reported a net income of $2.2 million, or $0.16 per diluted share, and maintained an adjusted EBITDA margin of 47%. DA Davidson responded by lowering its price target for Hirequest from $20.00 to $16.00, while maintaining a Buy rating, citing the company's potential for improved profitability once market conditions stabilize. The firm noted Hirequest's effective expense management, particularly in workers' compensation costs, as a positive factor. Looking ahead, Hirequest remains cautiously optimistic about market recovery in 2025, with plans to explore acquisition opportunities. CEO Rick Hermans highlighted the company's efforts to manage costs and adapt to market changes, expressing confidence in the company's strategic positioning.

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