KORN FERRY Announces Headcount Reductions; To Eliminate Underutilized Office Space

(RTTNews) - KORN FERRY (KFY) said, on January 11, 2023, the company initiated a plan to realign its workforce and to invest in areas of potential growth. The headcount reductions will affect less than five percent of the company's employees. KORN FERRY will further reduce its cost base by eliminating underutilized office space.

KORN FERRY expects the Plan to reduce annualized cost base by approximately $45.0 million to $55.0 million. It is expected to result in an estimated pre-tax charge of approximately $45.0 million to $50 million, consisting of severance and related employee benefit payments and lease termination costs.