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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.
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.