Rigetti Computing, Inc. (RGTI): restructuring charge — Rigetti cuts 28% workforce (~50 employees), appoints new CFO and CTO, revises tech roadmap

Rigetti Computing, Inc.

Workforce reduction of ~28% affecting ~50 employees; expects ~$1.4M restructuring charges in Q1 2023.
CEO Brian Sereda terminated as CFO; Jeffrey Bertelsen (ex-CyberOptics CFO/COO) appointed effective Feb 15.
David Rivas promoted to CTO replacing Mike Harburn; Rivas previously SVP of Systems and Services.
Revised roadmap targets Ankaa-1 84-qubit system in Q1 2023, then Ankaa-2 with ≥99% 2-qubit gate fidelity, and Lyra 336-qubit system.
Sereda will remain as non-executive employee through March 31, 2023 to assist transition.

item 2.05 item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Jeffrey Bertelsen

Chief Financial Officer

RGTI · Rigetti Computing, Inc.

Effective: 2023-02-15
Filed: February 10, 2023, 6:59 PM ET

the appointment of Jeffrey Bertelsen as the Company’s new Chief Financial Officer, each effective as of February 15, 2023

Departed

Brian Sereda

Chief Financial Officer

RGTI · Rigetti Computing, Inc.

Effective: 2023-02-15
Successor: Jeffrey Bertelsen
Filed: February 10, 2023, 6:59 PM ET

the Board approved the termination of Brian Sereda, the Company’s Chief Financial Officer, from such position

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jeffrey Bertelsen was appointed as Chief Financial Officer at Rigetti Computing, Inc..

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

the appointment of Jeffrey Bertelsen as the Company’s new Chief Financial Officer, each effective as of February 15, 2023

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Brian Sereda was terminated as Chief Financial Officer at Rigetti Computing, Inc..

Action: terminated
Role: Chief Financial Officer

Exact text from the filing

the Board approved the termination of Brian Sereda, the Company’s Chief Financial Officer, from such position

View on SEC.gov

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

Rigetti Computing, Inc. announced a restructuring with charges of approximately $1.4 million (approximately 50 employees).

Type: restructuring
Charge: approximately $1.4 million
Headcount: approximately 50 employees

Exact text from the filing

On February 8, 2023, the Board of Directors of Rigetti Computing, Inc. (the “Company”) approved a reduction in workforce to align with the Company’s updated business strategy and revised technology roadmap. The reduction in workforce is expected to reduce the Company’s current workforce by approximately 28%, and impact approximately 50 employees. The Company is beginning the activities with respect to its revised business plan, updated technology roadmap and reduction in workforce effective immediately. Affected employees are expected to be offered separation benefits, including severance payments and temporary healthcare coverage assistance. The Company currently expects to incur restructuring charges of approximately $1.4 million attributable to cash payments primarily for severance payments and temporary healthcare coverage to employees with respect to eliminated positions.

View on SEC.gov

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

Rigetti Computing, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-031410

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.