ManpowerGroup Inc. (NYSE:MAN), a global leader in workforce solutions with a market capitalization of $2.69 billion, today announced the retirement of Richard Buchband, Senior Vice President, General Counsel, and Secretary.
According to InvestingPro analysis, the company is currently trading near its 52-week low, suggesting potential value opportunity for investors. According to the company's latest SEC filing, Mr. Buchband will step down from his current role effective December 31, 2024. He will then serve as a non-executive Senior Advisor for the company from January 1, 2025, through February 28, 2025, to ensure a smooth transition.
The agreement between ManpowerGroup and Mr. Buchband includes the continuation of his base salary through his retirement date. Additionally, he is set to receive a grant of restricted stock units valued at $1.12 million as part of the company's annual equity grant cycle in February 2025. His existing equity awards will also be eligible for retirement vesting in accordance with their terms. The company maintains strong shareholder returns, offering a notable 5.22% dividend yield and has maintained dividend payments for 31 consecutive years.
ManpowerGroup, headquartered in Milwaukee, Wisconsin, has not yet announced a successor for Mr. Buchband. The company's filing did not disclose the reasons for Mr. Buchband's retirement or details about the search for his replacement.
In other recent news, ManpowerGroup reported a 2% decline in third-quarter revenue, totaling $4.5 billion, while adjusted earnings per share decreased by 8% year-over-year to $1.29. In contrast, the company's Talent Solutions revenue saw a 7% rise, predominantly driven by a 9% revenue increase in Japan. ManpowerGroup also announced a semi-annual dividend of $1.54 per share, reflecting the company's financial health and commitment to returning value to its investors.
Analysts' outlook on the company has been mixed. BMO Capital Markets reduced the price target on Manpower shares to $71.00, Goldman Sachs maintained a Sell rating with a steady price target of $64.00, Jefferies lowered the company's price target from $70.00 to $65.00, and Truist Securities revised its price target from $78 to $74.
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