Korn Ferry KFY, -0.09% disclosed Thursday that it will cut jobs and eliminate underutilized office space as part of a cost reduction plan. The staffing services company said the job cuts will affect less than 5% of its workforce, which was 10,779 as of April 30, 2022, according to its latest annual report. The company expects the plan to cut costs by about $45 million to $55 million a year. Charges resulting from the cuts, including severance, benefit payments and lease termination costs, are expected to be $45 million to $50 million. The stock, which was still inactive in premarket trading, has gained 4.5% over the past three months but lost 27.7% over the past 12 months, while the S&P 500 SPX, +1.28% has rallied 11.0% the past three months and declined 16.0% the past year.
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