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Cimpress to decentralize operations

Cimpress N.V. plans to decentralize its operations in a bid to "improve accountability for customer satisfaction and capital returns, simplify decision-making, [and] improve the speed of execution."

Various teams that currently are part of central groups in technology, manufacturing, supply chain and other corporate functions will be joined with one of the company's business units or related portfolio-management teams, according to a Jan. 25 news release. Once the changes are implemented, the company's central groups will be limited to global procurement and supplier research, a central technology team and essential corporate services. The portion of Cimpress team members in business units will grow from approximately 66% as of the end of December 2016 to approximately 97% as of the end of March, with most of the remaining central team members in the central Cimpress technology team.

As part of the restructuring, Cimpress plans to transfer about 3,000 employees who currently are part of central teams into its business units. Further, the company plans to reduce the scope of certain roles and functions which are currently performed centrally. This would cause the company to cut about 160 posts and reduce planned hiring in certain areas.

As part of the organizational changes, the supervisory board of Cimpress approved the elimination of Donald Nelson's post as executive vice president and president of mass customization platform, effective Jan. 23. Nelson is expected to leave the company on or about Feb. 28. The position of Wilhelm Jacobs, chief supply chain officer, is also planned to be cut, subject to compliance with local labor laws and related works council consultation. Ashley Hubka, chief strategy officer, and Lawrence Gold, chief legal officer, are also expected to leave Cimpress.

Furthermore, Cimpress promoted president of Vistaprint Trynka Shineman to CEO of Vistaprint, as the scope of her responsibilities will increase after the decentralization. Senior Vice President of Technology Maarten Wensveen was promoted to chief technology officer and Peter Kelly, CEO of National Pen, will join the Cimpress executive team.

The company expects that the majority of the changes will be completed during the third fiscal quarter. Certain planned actions are subject to mandatory consultations with employees, works councils and governmental authorities.

The company expects to incur an aggregate pre-tax restructuring charge of about $28 million to $31 million, including $22 million to $25 million in severance related expense and about $6 million in other restructuring charges. Out of the total estimate of restructuring charges, Cimpress estimates that $19 million to $21 million will be cash expenditure, while $9 million to $10 million will be non-cash expenditures, primarily in accelerated share-based compensation expense.

The company expects that it will make annualized pre-tax operating expense savings of $55 million to $60 million and pretax free cash flow savings of $45 million to $50 million.