secwatch.observer — SEC 8-K summary
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Issuer:     Eargo, Inc. (—)
CIK:        0001719395
Form:       8-K
Filed at:   2023-06-27T23:59:59+00:00
Accession:  0001140361-23-031710
Event type: leadership
Sentiment:  negative
Materiality: 0.85
Item codes: 2.05, 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Eargo to cut 32–42% of workforce, CEO Gormsen steps down; Brownie named interim CEO
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- Board approved cost reduction plan affecting 90–120 employees (~32–42% of workforce) with $5.0–$7.0M in non-recurring charges.
- CEO Christian Gormsen to resign as President, CEO, and director effective June 30, 2023; receives $990,000 severance plus COBRA and option extension.
- William Brownie, current COO, appointed interim CEO effective June 30, 2023, retaining COO role.
- Board size reduced from seven to six directors upon Gormsen's departure.
- Gormsen's resignation not due to any disagreement with the company.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1719395/000114036123031710/0001140361-23-031710-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1719395/000114036123031710/brhc20054975_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-031710

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