Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Christian Gormsen departed as President, Chief Executive Officer, and member of the Board of Directors at Eargo, Inc..
- Action
- stepped down
- Role
- President, Chief Executive Officer, and member of the Board of Directors
Exact text from the filing
On June 23, 2023, the Board approved plans for Christian Gormsen, President, Chief Executive Officer, and member of the Board of Directors, to separate from the Company and to step down from his positions as President, Chief Executive Officer, and director, in each case, effective June 30, 2023.
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Executive change
SEC 8-K Item 5.02
confidence 0.95
William Brownie was appointed as interim Chief Executive Officer at Eargo, Inc..
- Action
- appointed
- Role
- interim Chief Executive Officer
Exact text from the filing
On June 23, 2023, the Board appointed William Brownie as interim Chief Executive Officer of the Company to succeed Mr. Gormsen, effective June 30, 2023.
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Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Eargo, Inc. announced a restructuring with charges of approximately $5.0–$7.0 million (approximately 90–120 employees, or approximately 32–42% of the Company’s workforce).
- Type
- restructuring
- Charge
- approximately $5.0–$7.0 million
- Headcount
- approximately 90–120 employees, or approximately 32–42% of the Company’s workforce
Exact text from the filing
The plan is expected to impact approximately 90–120 employees, or approximately 32–42% of the Company’s workforce. The Company estimates that it will incur non-recurring charges of approximately $5.0–$7.0 million in connection with the plan, primarily consisting of one-time employee termination costs such as severance payments, notice pay, employee benefits contribution and related costs, as well as the potential impairment of certain intangible and other assets.
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