Kelly Services reaches agreement with Hunt Equity, appoints new directors

Kelly Services Inc. (NASDAQ: KELYA; KELYB) entered into an agreement with Hunt Equity Opportunities LLC that resulted in Hunt acquiring controlling ownership of the staffing company and appointing four new board members.

The Troy, Michigan-based company announced January 30 that Hunt acquired 3,039,940 shares of Class B Common Stock from Terence E. Adderley Revocable Trust K, giving Hunt 92.2% of the Class B shares and making it the controlling stockholder.

The transaction followed Kelly's adoption of a stockholder rights plan to allow the board time to evaluate the share purchase agreement between the trust and Hunt. The board unanimously approved an amendment to the rights plan that exempted Hunt's purchase and provided for the plan's expiration immediately before the transaction closed.

Under the agreement, Kelly's board composition changed effective January 30. The board now consists of four Hunt designees: Chris Hunt, who serves as chairman; Angela Brock-Kyle; Edward Escudero; and James K. Hunt. Kelly CEO Chris Layden remains on the board along with three existing directors: Robert S. Cubbin, Amala Duggirala and Leslie A. Murphy.

Five directors resigned from the board in connection with the changes: Terrence B. Larkin, Gerald S. Adolph, George S. Corona, InaMarie F. Johnson and Peter W. Quigley.

"Hunt is very excited about the value creation opportunities ahead for Kelly," said James Christopher Hunt, CEO of Hunt Companies. The arrangement will remain in effect until Kelly's 2026 annual meeting of stockholders.

Kelly Services reported revenue of $4.3 billion in 2024. Hunt Companies is a privately held investment platform based in El Paso, Texas, with operations in real estate, infrastructure and financial services.

The information is based on a company press release statement.

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