Hewitt CEO on Way Out
Susnjara, Bob, Daily Herald (Arlington Heights, IL)
Byline: Bob Susnjara Daily Herald Staff Writer
Dale L. Gifford, chairman and chief executive officer of Lincolnshire-based Hewitt Associates Inc., announced Thursday he will retire at the end of the year.
Gifford's departure and that of another top executive comes as the Lincolnshire-based human resources firm said it is reviewing its guidance for the third quarter and full year.
Wall Street wasn't thrilled with the developments and the stock tumbled $1.94, or 8 percent, to close at $23.19 on the New York Stock Exchange.
The company said Bryan J. Doyle - president of Hewitt's human- resources outsourcing business and a board member - has resigned to "pursue other opportunities." His departure ends a 22-year Hewitt career.
Julie S. Gordon, a Hewitt board member and chief business excellence officer, has been elevated to assume Doyle's job in the role of acting president.
Doyle, 45, led a Hewitt unit that contributed to 71 percent of its sales in 2005. The end of the business Doyle headed takes care of human resources, retirement, payroll and health care programs for at least 350 clients with more than 10,000 employees.
The company said it will provide an update on the human resources business-process outsourcing contract portfolio when it releases fiscal third-quarter results.
At Hewitt's headquarters on Route 22 near the Tri-State Tollway, Gifford, 56, spoke with employees about the changes, said spokeswoman Kelly Zitlow. …