Olo Inc.: restructuring charge — Olo appoints Joanna Lambert COO, cuts 11% staff, reiterates Q2/FY23 guidance

Olo Inc.

Workforce reduction of ~11% (81 employees) to reorganize business units; expects $7.5M-$10M in charges in Q2 2023.
Appoints Joanna Lambert as COO effective July 5, 2023; she will oversee operations, R&D, and growth strategy.
New COO compensation: $550K salary, 60% bonus target, $5M new-hire RSU (4-yr vest), $500K sign-on RSU (1-yr vest).
Reaffirms Q2 and FY2023 revenue and Non-GAAP operating income guidance (in line with May 9, 2023 outlook).

item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Joanna Lambert

Chief Operating Officer

Olo Inc.

Effective: 2023-07-05
Filed: June 14, 2023, 7:59 PM ET

On June 12, 2023, the Board of Directors of Olo appointed Joanna Lambert, age 49, as Chief Operating Officer of the Company, effective July 5, 2023.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Joanna Lambert was appointed as Chief Operating Officer at Olo Inc..

Action: appointed
Role: Chief Operating Officer

Exact text from the filing

On June 12, 2023, the Board of Directors of Olo appointed Joanna Lambert, age 49, as Chief Operating Officer of the Company, effective July 5, 2023.

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

Olo Inc. announced a restructuring with charges of approximately $7.5 million to $10.0 million (approximately 11%).

Type: restructuring
Charge: approximately $7.5 million to $10.0 million
Headcount: approximately 11%

Exact text from the filing

Olo estimates that it will incur charges of approximately $7.5 million to $10.0 million in connection with the reduction of its workforce, which is expected to be incurred in the second quarter of fiscal year 2023.

View on SEC.gov

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Source: SEC EDGAR

accession 0001193125-23-166570

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