EMCORE CORP: restructuring charge — EMCORE to close Alhambra facility, cut 40% of workforce; CEO Rittichier departs

EMCORE CORP

Restructuring closes Alhambra, CA facility and eliminates ~120 positions (~40% of workforce) by Sept 30, 2024.
Annualized cost savings of ~$17M; one-time severance costs ~$1.8M recorded in Q3 FY2024.
CEO Jeffrey Rittichier departed May 7; separation includes 12-month salary, $500K target bonus, COBRA.
Co. aims for adjusted cash flow break even ahead of Sept 30, 2024, per Chairman Glasener.

item 2.05 item 5.02 item 9.01

Executive movements

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Departed

Jeffrey Rittichier

Chief Executive Officer

EMCORE CORP

Effective: 2024-05-07
Filed: May 23, 2024, 7:59 PM ET

Effective on May 7, 2024 (the “Separation Date”), Jeffrey Rittichier departed as Chief Executive Officer and director of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jeffrey Rittichier departed as Chief Executive Officer at EMCORE CORP.

Action: departed
Role: Chief Executive Officer

Exact text from the filing

Effective on May 7, 2024 (the “Separation Date”), Jeffrey Rittichier departed as Chief Executive Officer and director of the Company.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

EMCORE CORP announced a restructuring affecting Alhambra, CA facility (approximately 120 positions across all locations, collectively representing approximately 40% of the Company’s workforce).

Type: restructuring
Affected area: Alhambra, CA facility
Headcount: approximately 120 positions across all locations, collectively representing approximately 40% of the Company’s workforce

Exact text from the filing

On May 20, 2024, the Restructuring Committee of the Company’s Board of Directors approved the Restructuring.

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Source: SEC EDGAR

accession 0001104659-24-064681

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