-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M+ae9mlKSsQSZwoScLYsfy0LnSx5Zs5czM380zQs1BSJ3wEihN1boVJFR/iazomB phhT6EFWTsg3iXWQFls/hg== 0000892712-98-000082.txt : 19980720 0000892712-98-000082.hdr.sgml : 19980720 ACCESSION NUMBER: 0000892712-98-000082 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980706 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980714 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANPOWER INC /WI/ CENTRAL INDEX KEY: 0000871763 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 391672779 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-10686 FILM NUMBER: 98665772 BUSINESS ADDRESS: STREET 1: 5301 N IRONWOOD RD CITY: MILWAUKEE STATE: WI ZIP: 53217 BUSINESS PHONE: 4149611000 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 6, 1998 MANPOWER INC. (Exact name of registrant as specified in its charter) Wisconsin 1-10686 39-1672779 (State or other jurisdiction(Commission file number)(IRS Employer of incorporation) Identification No.) 5301 North Ironwood Road Milwaukee, Wisconsin 53217 (Address of principal executive offices) Registrant's telephone number, including area code: (414) 961-1000 Item 5. Other Events. On July 6, 1998, Manpower Inc. (the "Company") announced the resignation of Jon F. Chait, the Company's Managing Director-International Operations and Chief Financial Officer. He resigned from his position as a Director of the Company and from all positions as an officer of the Company and as a director and/or officer of each subsidiary and affiliate of the Company. Mr. Chait resigned in connection with a reorganization of the Company's management structure. In connection with his resignation, Mr. Chait became entitled to certain payments and benefits pursuant to his employment agreement (as further described in the Company's Proxy Statement dated April 23, 1998 and incorporated by reference herein). In addition, the Company has agreed to extend the exercise period of outstanding vested Company options held by Mr. Chait for a period of up to one year beyond an initial exercise period of six months to which Mr. Chait was already entitled, subject to Mr. Chait not working for any of the Company's competitors during such period. In connection with the Company's management reorganization, several individuals have been named to new positions including: Terry A. Hueneke, the Executive Vice President and a Director of the Company, who will be responsible for North American, South American and Pacific Rim Operations; Jeffrey Joerres, Vice President - Marketing and Major Account Development, who has been named to the additional position of Senior Vice President - European Operations and will be responsible for all European operations except France; and Michael J. Van Handel, the Company's Chief Accounting Officer, who has been named Chief Financial Officer. The Company's Press Release issued July 6, 1998 is attached as an exhibit to this report and is incorporated herein by reference. Item 7. Exhibits. Exhibit No. Description 99.1 Press Release dated July 6, 1998. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MANPOWER INC. Date: July 13, 1998 /s/ Mitchell S. Fromstein ----------------------------- Mitchell S. Fromstein Chairman, President and Chief Executive Officer EXHIBIT INDEX Exhibit No. Description 99.1 Press Release dated July 6, 1998. EX-99.1 2 Exhibit 99.1 MANPOWER INC. FOR IMMEDIATE RELEASE JULY 6, 1998 Milwaukee, Wisconsin -- Manpower Inc. (NYSE:MAN) announced today a reorganization of its senior management structure designed to shorten the lines of communication and reporting between its country managers and its Global Headquarters. The Company simultaneously announced the resignation of Jon F. Chait who is presently serving as Chairman of Manpower's European and Asian Operations and Chief Financial Officer. Manpower's Chief Executive Officer, Mitchell S. Fromstein, said the reorganization moves would also improve the flow and reduce the aggregate costs of shared support services on a global scale. "We have reached the point in our growth where the sharing of information, knowledge and experience between our 48 country operations has become a most valuable competitive edge," Fromstein said. "The changes we are making will maximize this advantage. "Jon Chait has served Manpower well over his nine year tenure both as Chief Financial Officer and in directing the expansion of our operations in Europe and Southeast Asia. He was offered a senior position in the reorganized structure, but felt that it was inconsistent with his own career objectives. "Our new structure will give Manpower France a more direct relationship with our Headquarters Group recognizing that its size and market position warrants a more intensive interaction with U.S. Management on common issues. We have a very strong, experienced and successful management team in place in France where the pace of current growth continues to lead the industry. "All other European operations will be placed under the leadership of Jeffrey Joerres who has served since 1993 as Vice President of U.S. Marketing and Director of Global Account Management and Development." Joerres, 39, will become Senior Vice President of European Operations and will continue as Director of Global Account Management and Development. Fromstein said that all North American, South American and Pacific Rim Operations will be placed under the leadership of Mr. Terry Hueneke, Executive Vice President of Manpower and a member of its Board of Directors. Hueneke, 56, joined Manpower in 1974 and has headed Manpower's U.S. Operations since 1990. "This realignment will provide strong, experienced support to our Country Managers who are individually and as a group the best in the business," Fromstein said. "Our objective is to maintain our leadership role in the staffing industry and, simultaneously, to bring our operating margin back to a traditional level. I believe we will show significant progress toward that goal in the months ahead." Fromstein said that Michael Van Handel, Manpower's Vice President, Treasurer and Chief Accounting Officer, has been appointed as Acting Chief Financial Officer. This press release contains forward-looking statements regarding the Company's future operating margins. The Company's actual results could differ materially from the results projected in the forward- looking statements. Factors which may cause the Company's actual results to differ materially from those contained in the forward-looking statements can be found in the Company's reports filed with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 1997. -----END PRIVACY-ENHANCED MESSAGE-----