WW INTERNATIONAL, INC. (WW): restructuring charge — WeightWatchers Q2 revenue down 10.9% to $202.1M, announces $100M restructuring plan, CTO departs

WW INTERNATIONAL, INC.

2024-Q2 EPS reported -$4.09 revenue$408,621,000

Revenues $202.1M (down 10.9% YoY); net income $23.3M (down 54.2%); EPS $0.29 (down 54.9%).
End of period subscribers 3.8M (down 6.1%); Clinical subscribers 81k (up 119.8% YoY).
Restructuring plan targeting $100M annual run-rate cost savings; expects $12-15M charges in H2 2024.
CTO Pierre-Olivier Latour to depart Aug 9, 2024; severance up to ~$427k plus salary continuation.

item 2.02 item 2.05 item 5.02 item 9.01

Executive movements

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

Departed

Pierre-Olivier Latour

Chief Technology Officer

WW · WW INTERNATIONAL, INC.

Effective: 2024-08-09
Filed: August 1, 2024, 7:59 PM ET

the elimination of the position of Chief Technology Officer effective August 9, 2024 and the related departure from the Company of Pierre-Olivier Latour

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Pierre-Olivier Latour departed as Chief Technology Officer at WW INTERNATIONAL, INC..

Action: departed
Role: Chief Technology Officer

Exact text from the filing

the elimination of the position of Chief Technology Officer effective August 9, 2024 and the related departure from the Company of Pierre-Olivier Latour

View on SEC.gov

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

WW INTERNATIONAL, INC. announced a restructuring with charges of $12.0 million to $15.0 million affecting worldwide (elimination of certain positions).

Type: restructuring
Charge: $12.0 million to $15.0 million
Affected area: worldwide
Headcount: elimination of certain positions

Exact text from the filing

On July 27, 2024, in connection with the strategic streamlining of its operational structure to optimize its clinical and behavioral product portfolio and its cost-savings initiative, the Company committed to a plan of reduction in force that will result in the elimination of certain positions and the termination of employment for certain employees worldwide (the "Restructuring Plan"). The Company anticipates recording restructuring charges that it currently estimates will range between $12.0 million to $15.0 million in the aggregate with respect to employee termination benefit costs, which are expected to consist primarily of general and administrative expenses.

View on SEC.gov

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WW INTERNATIONAL, INC. filing history →

Source: SEC EDGAR

accession 0001193125-24-190580

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