ACCO BRANDS Corp (ACCO): restructuring charge — ACCO Brands launches restructuring to save at least $60M annually; segments realigned to Americas & International

ACCO BRANDS Corp

Program targets $60M+ annualized pre-tax savings via headcount cuts, supply chain optimization, and footprint rationalization.
Pre-tax restructuring charge of ~$13M in Q4 2023 plus $9M from prior Sidney, NY closure; total cash outflows $26M ($18M in 2024, $8M in 2025).
Effective Jan 1, 2024, company operates under two segments: Americas (US, Canada, Brazil, Mexico, Chile) and International (EMEA, Australia/NZ, Asia).
Cezary Monko appointed EVP & President of International; Patrick Buchenroth appointed EVP & President of Americas.
Preliminary 2023 results indicate reported sales and cash flows above prior outlook.

item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Cezary Monko

Executive Vice President and President, International

ACCO · ACCO BRANDS Corp

Effective: 2024-01-29
Filed: January 30, 2024, 6:59 PM ET

In connection with Mr. Monko’s appointment as Executive Vice President and President, International, on January 29, 2024, ACCO Brands Corporation’s Polish subsidiary, Esselte Polska Sp. z o.o. ("Esselte Polska") entered into an Employment Contract with Mr. Monko, (the "Employment Contract").

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Cezary Monko was appointed as Executive Vice President and President, International at ACCO BRANDS Corp.

Action: appointed
Role: Executive Vice President and President, International

Exact text from the filing

In connection with Mr. Monko’s appointment as Executive Vice President and President, International, on January 29, 2024, ACCO Brands Corporation’s Polish subsidiary, Esselte Polska Sp. z o.o. ("Esselte Polska") entered into an Employment Contract with Mr. Monko, (the "Employment Contract").

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ACCO BRANDS Corp announced a restructuring with charges of pre-tax restructuring charge for the period ended December 31, 2023 of approximately $13 million (headcount reductions).

Type: restructuring
Charge: pre-tax restructuring charge for the period ended December 31, 2023 of approximately $13 million
Headcount: headcount reductions

Exact text from the filing

The Company expects to record a pre-tax restructuring charge for the period ended December 31, 2023 of approximately $13 million which is primarily employee termination and benefit costs.

View on SEC.gov

6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

ACCO BRANDS Corp filing history →

Source: SEC EDGAR

accession 0000950170-24-008739

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