KORN FERRY : Costs Associated with Exit or Disposal Activities, Financial Statements and Exhibits (form 8-K)

Item 2.05 Costs associated with eviction or disposal activities.

In light of our evolution into an organization that sells larger integrated solutions in a world with changing global trade lanes and persistent inflationary pressures, January 11, 2023, the company initiated a plan (the “Plan”) aimed at reorganizing its workforce to meet business needs and goals. This means investing in areas of potential growth and reducing where there is excess capacity. In addition to headcount reductions (affecting less than 5% of our workforce), we will further reduce our cost base by eliminating underutilized office space. The plan is expected to be substantially completed by the end of 2023.

This plan is expected to reduce our annual cost base by approximately $45 million To $55 million (after taking into account new hires related to the rebalancing of the company’s workforce), the estimated pre-tax expense is approximately $45 million
To $50 million, severance and related employee benefit payments, and lease termination costs.These charges include approximately $30 million To $35 million The majority of cash expenditures are expected to be paid out during the remainder of fiscal year 2023.

Forward-Looking Statements

This latest report on Form 8-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. “believe”, “expect”, “anticipate”, “intend”, “plan”, “foresee”, “may”, “would”, “likely”, “estimate” Similar phrases such as “will”, “could”, “continue”. Such forward-looking statements include statements regarding the timing and scope of plans, the amount and timing of related fees and cash outlays. intended purpose of the plan; expected cost savings as a result of the plan; A number of factors could affect the actual results of the plans and differences from our current expectations regarding such factors may cause the actual results of the plans expressed in these forward-looking statements. may differ greatly from the These include, among others: (ii) delays in the timing of implementation of the Plan due to legal requirements or, in the case of real estate, the involvement of third parties; and (iii) potential disruption of our business and operations resulting from implementation of the Plan. Discussions of these and other risks and uncertainties that could cause our actual results to differ materially from these forward-looking statements are included in the documents we file.
Securities and Exchange Commission on Forms 10-K, 10-Q, 8-K. These forward-looking statements speak only as of the date of this report, and we undertake no obligation to revise or update such statements as a result of new information, future events or otherwise. not.

Item 9.01 Financial Statements and Materials.

(d) Exhibits

  Exhibit 104     The cover page from this Current Report on Form 8-K, formatted in
                  Inline XBRL (included as Exhibit 101).

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