NEW RELIC, INC.: restructuring charge — New Relic to cut up to 255 employees, expects $18-22M restructuring charges; director Carlisle to leave

NEW RELIC, INC.

Workforce reduction of up to 255 employees globally as part of restructuring plan announced at Analyst Day on May 25.
Expects aggregate charges of $18-22 million, primarily employment termination costs, ~75% cash expenditures.
Plans to hire approximately half of the reduced headcount in targeted areas for consumption business growth.
Caroline Watteeuw Carlisle will not stand for re-election at 2023 Annual Meeting; no disagreement.
Expects FY2024 headcount to be approximately same as FY2023.

item 2.05 item 5.02

Executive movements

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Departed

Caroline Watteeuw Carlisle

Director

NEW RELIC, INC.

Filed: June 27, 2023, 7:59 PM ET

On June 21, 2023, Caroline Watteeuw Carlisle notified the Company of her decision to not stand for re-election as a member of the Company’s Board of Directors (the “Board”) at the Company’s 2023 Annual Meeting of Stockholders (the “Annual Meeting”).

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Caroline Watteeuw Carlisle departed as Director at NEW RELIC, INC..

Action: not stand for re-election
Role: Director

Exact text from the filing

On June 21, 2023, Caroline Watteeuw Carlisle notified the Company of her decision to not stand for re-election as a member of the Company’s Board of Directors (the “Board”) at the Company’s 2023 Annual Meeting of Stockholders (the “Annual Meeting”).

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

NEW RELIC, INC. announced a restructuring with charges of approximately $18 million to $22 million (a total of up to 255 employees globally).

Type: restructuring
Charge: approximately $18 million to $22 million
Headcount: a total of up to 255 employees globally

Exact text from the filing

currently expects to end fiscal year 2024 at approximately the same headcount as of the end of fiscal year 2023. The Company expects to incur aggregate charges of approximately $18 million to $22 million in connection with the restructuring plan, consisting primarily of employment termination and other one-time expenses. The Company expects approximately 75% of

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Source: SEC EDGAR

accession 0001193125-23-175552

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