LIMEADE, INC: restructuring charge — Limeade announces 15% headcount reduction, $1.3M in severance, $7M annual savings; CFO resigns

LIMEADE, INC

Headcount cut by 15% across R&D, Product, Customer Operations, Customer Success, Marketing and Sales teams.
One-time severance and benefit costs estimated at $1.3 million; annualized savings of $7.0 million expected.
CFO Todd Spartz resigns effective January 18, 2023 to pursue other opportunity; search for successor underway.
Interim CFO duties handled by Controller Paul Crick and outside vendors until permanent CFO is appointed.

item 2.05 item 5.02 item 9.01

Executive movements

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Departed

Todd Spartz

Chief Financial Officer

LIMEADE, INC

Effective: 2023-01-18
Filed: January 11, 2023, 6:59 PM ET

Limeade CFO, Mr. Todd Spartz will resign as CFO of the Company, departing January 18th, 2023 to pursue another opportunity in the corporate sector.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Todd Spartz resigned as Chief Financial Officer at LIMEADE, INC.

Action: resigned
Role: Chief Financial Officer

Exact text from the filing

Limeade CFO, Mr. Todd Spartz will resign as CFO of the Company, departing January 18th, 2023 to pursue another opportunity in the corporate sector.

View on SEC.gov

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

LIMEADE, INC announced a restructuring with charges of approximately $1.3 million affecting R&D, Product, Customer Operations, Customer Success, Marketing and Sales teams (15%).

Type: restructuring
Charge: approximately $1.3 million
Affected area: R&D, Product, Customer Operations, Customer Success, Marketing and Sales teams
Headcount: 15%

Exact text from the filing

On January 11, 2023, Limeade, Inc. (the "Company") (ASX: LME), an immersive employee well-being company that creates healthy employee experiences, today announced a company restructure that will lower its headcount overall by 15% and restructure its R&D, Product, Customer Operations, Customer Success, Marketing and Sales teams. The one-time costs associated with the reduction in force include severance payments and employee benefits and will involve future cash expenditures. Costs are anticipated to be approximately $1.3 million

View on SEC.gov

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Source: SEC EDGAR

accession 0001381507-23-000005

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