---
schema_version: "secwatch.filing_event.v1"
accession: "0000939767-24-000002"
form_type: "8-K"
ticker: "EXEL"
cik: "0000939767"
company_name: "EXELIXIS, INC."
filed_at: "2024-01-08T23:59:59+00:00"
generated_at: "2026-06-07T02:49:33.187460+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "medium"
source: SEC EDGAR
---

# Exelixis cuts 13% of workforce, authorizes $450M share repurchase, adds two directors

## Summary
- Restructuring plan: workforce reduction of ~175 employees (13% of total headcount); total charges estimated at ~$25M, recognized in Q1 2024.
- Board authorized $450M share repurchase program for 2024; company also issued preliminary FY2023 results and FY2024 guidance (details in press release).
- Appointed Mary C. Beckerle and S. Gail Eckhardt to the Board, effective immediately; Alan M. Garber not standing for re-election.

## SEC filing metadata
- accession: 0000939767-24-000002
- form_type: 8-K
- ticker: EXEL
- cik: 0000939767
- company_name: EXELIXIS, INC.
- filed_at: 2024-01-08T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: medium
- sec_items: 2.02, 2.05, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/939767/000093976724000002/0000939767-24-000002-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/939767/000093976724000002/exel-20240102.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000939767-24-000002
- JSON: https://secwatch.observer/filing/0000939767-24-000002.json
- Plain text: https://secwatch.observer/filing/0000939767-24-000002.txt

## Key facts
- Earnings Releases
  EXELIXIS, INC. updated its fiscal year ended December 29, 2023 guidance (initiated).
  - Period: fiscal year ended December 29, 2023
  - Guidance: initiated
  - Result: preliminary results
  source text: On January 7, 2024, Exelixis, Inc. (Exelixis or the Company) issued a press release announcing its preliminary unaudited financial results for the fiscal year ended December 29, 2023, providing financial guidance for the fiscal year ending January 3, 2025, and delivered an update on its business.
  evidence_url: https://www.sec.gov/Archives/edgar/data/939767/000093976724000002/0000939767-24-000002-index.htm
- Executive change
  S. Gail Eckhardt was appointed as Director at EXELIXIS, INC..
  - Action: appointed
  - Role: Director
  source text: the Board increased the size of the Board to 13 members and appointed Mary C. Beckerle, Ph.D. and S. Gail Eckhardt, M.D. to the Board to fill the newly created vacancies, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/939767/000093976724000002/0000939767-24-000002-index.htm
- Executive change
  Mary C. Beckerle was appointed as Director at EXELIXIS, INC..
  - Action: appointed
  - Role: Director
  source text: the Board increased the size of the Board to 13 members and appointed Mary C. Beckerle, Ph.D. and S. Gail Eckhardt, M.D. to the Board to fill the newly created vacancies, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/939767/000093976724000002/0000939767-24-000002-index.htm
- Executive change
  Alan M. Garber departed as Director at EXELIXIS, INC..
  - Action: decided not to stand for re-election
  - Role: Director
  source text: Alan M. Garber, M.D., Ph.D., informed the Company that he has decided not to stand for re-election to the Board when his term expires at the 2024 annual meeting of stockholders.
  evidence_url: https://www.sec.gov/Archives/edgar/data/939767/000093976724000002/0000939767-24-000002-index.htm
- Restructurings & Charges
  EXELIXIS, INC. announced a restructuring with charges of $25 million (approximately 175 employees or 13% of our total headcount at the end of 2023).
  - Type: restructuring
  - Charge: $25 million
  - Headcount: approximately 175 employees or 13% of our total headcount at the end of 2023
  source text: On January 5, 2024, the Company’s Board of Directors (the Board) authorized a restructuring plan (the Plan) to reduce its workforce and rebalance the Company’s cost structure in alignment with its strategic priorities, including reducing real estate commitments and costs and terminating certain licensing partnerships. In connection with the Plan, the Company currently estimates that it will incur aggregate charges of approximately $25 million, $13.5 million of which relate to the workforce reduction. The Company expects these costs will be substantially recognized during the first quarter of 2024. The Plan will result in a workforce reduction of approximately 175 employees or 13% of our total headcount at the end of 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/939767/000093976724000002/0000939767-24-000002-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.