Company: ACCO
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046374
Chunk: 19

Company: ACCO BRANDS Corp
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 19
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 Statement: • Thomas W. Tedford, President and Chief Executive Officer • Deborah A. O'Connor, Executive Vice President and Chief Financial Officer • Cezary Monko, Executive Vice President and President, International • Patrick H. Buchenroth, Executive Vice President and President, Americas • Pamela R. Schneider, Senior Vice President, General Counsel and Corporate Secretary In addition, Mr. Boris Elisman, our former Executive Chairman, who retired from the Company on March 31, 2024, is included in the Summary Compensation Table and subsequent tables as an additional NEO on the basis that a portion of his 2023 Long-term Incentive Award was recognized on an accounting basis in 2024. A more detailed description of this stock grant and subsequent forfeiture is provided under the heading "Executive Compensation Tables - Summary Compensation Table". 2024 Financial Performance Overview Our Business. ACCO Brands is a leading global consumer, technology and business branded products company, providing well-known brands and innovative product solutions used in schools, homes and at work. Approximately 75 percent of our 2024 sales came from brands that are in the number 1 - 3 position in the product categories in which we compete. Our top 12 brands represented approximately $1.3 billion of our 2024 net sales. Each operating segment designs, markets, sources, manufactures and sells recognized consumer, technology and business branded products used in schools, homes and at work. Product designs are tailored to end-user preferences in each geographic region, and where possible, leverage common engineering, design and sourcing. Our products are sold primarily in the U.S., Europe, Australia, Canada, Brazil and Mexico.

#### 30ACCO BRANDS| 2025 PROXY STATEMENT
Our 2024 Results.In 2024, net sales were $1.67 billion, a decrease of 9.1 percent. This decline reflects softer global consumer and business demand for certain office-related product categories and weaker back-to-school purchases by our customers in the Americas segment, which was partially offset by growth in our technology accessories categories.

In 2024, we reported an operating loss of $37.0 million, compared to operating income of $44.7 million in the prior year. The decline was primarily due to higher non-cash impairment charges of $75.7 million. Adjusted operating income was $189.7 million, compared to $204.8 million in 2023. The decline in both reflects lower sales volume, partially offset by cost reduction initiatives,