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CDI plans restructuring, global exec to step down

December 30 2013

CDI Corp. (NYSE: CDI) plans to cut staff and consolidate facilities as part of a restructuring in January designed to save the company $11 million to $13 million in the new year. Philip Clark, executive vice president of global business development and operations, will leave the company effective March 31 as part of the realignment.

The Philadelphia-based engineering and information technology staffing provider will cut 65 to 75 employees and consolidate facilities as part of the restructuring. As a result, it expects charges of approximately $5 million to $6 million in the fourth quarter in employee severance and facility consolidations.

Another $2 million to $3 million in restructuring charges is expected in 2014 from facility consolidations.

“Shifting resources directly into our businesses brings key resources closer to our clients and provides our business leaders more flexibility to leverage those resources in the most effective way,” said President and CEO Paulett Eberhart. “We remain committed to achieving profitable revenue growth, and these moves enhance our ability to provide engineering, staffing and technology services to clients in our targeted industries.”

CDI ranks as the fifth-largest U.S. engineering staffing firm and 13th-largest U.S. information technology staffing firm.

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