ACCO Brands Corp announces annual meeting results

ACCO Brands Corporation (NYSE:ACCO), a manufacturer of office products currently trading near its 52-week low at $3.62 per share, held its Annual Meeting on May 20, 2025, where several key proposals were voted upon by the company’s shareholders. According to InvestingPro analysis, the company, despite current challenges, maintains strong liquidity with a current ratio of 1.76. The meeting, detailed in the company’s Proxy Statement, resulted in the election of nine directors for a one-year term, the ratification of KPMG LLP as the independent registered public accounting firm for 2025, and the approval of executive compensation in a non-binding advisory vote.

The election of directors saw all nine nominees elected with a significant majority. Votes against and abstentions were relatively minimal, with the majority of votes cast in favor of the proposed candidates. The detailed voting results for each nominee were disclosed, along with the number of broker non-votes. While the company currently offers an attractive dividend yield of 7.94%, InvestingPro data shows management has been actively buying back shares, demonstrating confidence in the company’s future.

The ratification of KPMG LLP as the company’s independent auditor for the current fiscal year passed with overwhelming support, receiving 78,025,683 votes in favor, 1,269,673 against, and 48,765 abstentions.

Additionally, the compensation of the company’s named executive officers received approval from the majority of the shareholders, with 66,439,459 votes in favor, 1,612,052 against, and 434,159 abstentions, along with 10,858,541 broker non-votes.

A fourth proposal to approve an amendment to the 2022 ACCO Brands Corporation Incentive Plan, which would increase the number of shares reserved for issuance by 4,550,000 shares, also passed. The for votes numbered 55,394,858, against were 12,052,336, abstentions stood at 1,038,477, and there were 10,858,451 broker non-votes.

The company’s Senior Vice President, General Counsel and Corporate Secretary, Pamela R. Schneider, signed off on the report, which was filed with the Securities and Exchange Commission (SEC) on May 21, 2025. The filing provides investors and the public with the latest governance decisions taken by the company’s shareholders, reflecting their input on the direction of the company for the coming year. While currently unprofitable, analysts expect ACCO to return to profitability in 2025, with detailed forecasts and 10+ additional insights available through InvestingPro’s comprehensive research reports.

In other recent news, ACCO Brands Corporation reported its financial results for the first quarter of 2025, showing a decline in sales by approximately 12% compared to the previous year. The company achieved an earnings per share (EPS) of -$0.02, surpassing the forecasted -$0.05, while revenue slightly missed expectations, coming in at $317 million against a forecast of $318.05 million. Despite the earnings beat, Fitch Ratings downgraded ACCO’s Issuer Default Rating to ’BB-’ from ’BB’, with a negative outlook due to concerns about the company’s leverage and EBITDA levels. Fitch anticipates ACCO’s sales to decrease to around $1.5 billion in 2025, down from $1.67 billion in 2024, driven by secular declines and soft demand.

The company is executing a $100 million multi-year cost reduction program and expanding its product lines to support hybrid work environments. ACCO Brands also made a small acquisition in Australia and New Zealand to enhance its product portfolio in ergonomic and business seating categories. The company refrained from providing full-year guidance due to uncertainties related to tariffs, but expects second-quarter sales to decline by 8-12% with adjusted EPS between $0.28 and $0.32. Fitch noted that ACCO’s leverage could remain above 4.0x in 2025, potentially affecting its credit profile.

ACCO Brands’ gross margin expanded by 60 basis points despite the decline in sales, indicating effective cost management. The company is also focusing on shifting its production out of China to mitigate tariff impacts and is implementing price increases in North America. ACCO’s management expressed confidence in their ability to navigate the current challenges, emphasizing their strong balance sheet and no debt maturities until 2029.

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