Brief: Korn Ferry Says Workforce Alignment Will Affect Approximately Eight Percent Of Co's Employees

Korn Ferry

27/10/2023 22:13

Oct 27 (Reuters) - Korn Ferry  KFY.N :
    * KORN FERRY -  ON OCT 23, INITIATED A PLAN INTENDED TO
ALIGN ITS
WORKFORCE WITH ITS CURRENT BUSINESS REALITIES THROUGH POSITION
ELIMINATIONS
    * KORN FERRY -  WORKFORCE ALIGNMENT WILL AFFECT
APPROXIMATELY
EIGHT PERCENT OF COMPANY'S EMPLOYEES
    * KORN FERRY - PLAN IS EXPECTED TO BE SUBSTANTIALLY
COMPLETED BY
END OF Q3 OF FISCAL 2024
    * KORN FERRY - PLAN IS EXPECTED TO REDUCE COMPANY'S
ANNUALIZED
COST BASE BY APPROXIMATELY $110 MILLION TO $120 MILLION
    * KORN FERRY:PLAN IS EXPECTED TO RESULT IN ESTIMATED PRE-TAX
CHARGE OF ABOUT $55 MILLION-$65 MILLION, CONSISTING OF
SEVERANCE,RELATED EMPLOYEE BENEFIT PAYMENTS
    * KORN FERRY: SEES CHARGES REGARDING PLAN TO INCLUDE ABOUT
$40
MILLION-$45 MILLION OF CASH EXPENDITURES, MAJORITY OF WHICH WILL
BE PAID DURING REMAINDER OF 2024

Further company coverage:  KFY.N 

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