KORN FERRY (KFY): restructuring charge — Korn Ferry to cut ~8% of workforce; expects $55-65M pre-tax charge

KORN FERRY

Position eliminations affect approx. 8% of employees, driven by macroeconomic pressures.
Estimated pre-tax charge of $55M-$65M, consisting of severance and benefits.
Annualized cost base reduction of $110M-$120M expected.
Plan substantially complete by end of Q3 fiscal 2024; majority of cash outlays in FY2024.
Cash expenditures of $40M-$45M related to the restructuring.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 1.0

KORN FERRY announced a restructuring with charges of an estimated pre-tax charge of approximately $55 million to $65 million, consisting of severance and related employee benefit payments affecting approximately eight percent of the Company’s employees (approximately eight percent of the Company’s employees).

Type: restructuring
Charge: an estimated pre-tax charge of approximately $55 million to $65 million, consisting of severance and related employee benefit payments
Affected area: approximately eight percent of the Company’s employees
Headcount: approximately eight percent of the Company’s employees

Exact text from the filing

is expected to reduce the Company’s annualized cost base by approximately $110 million to $120 million and is expected to result in an estimated pre-tax charge of approximately $55 million to $65 million, consisting of severance and related employee benefit payments. These charges are expected to include approximately $40 million to $45 million of cash

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Source: SEC EDGAR

accession 0001193125-23-265214

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