Tucows cuts 17% of workforce, eliminates COO role in capital efficiency plan

TUCOWS INC /PA/

Plan impacts 42% of Ting Fiber workforce and 17% of total Tucows workforce.
Non-recurring charges estimated at $7.4M, mostly in Q4 2024.
COO Michael Koenig leaves effective October 30, 2024; position eliminated.
Goal: Ting to reach Adjusted EBITDA breakeven in 2025; Tucows expects significant EBITDA growth.
Restructuring follows exploring other options to finance Ting's expansion.

item 2.05 item 5.02 item 9.01

Executive movements

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Departed

Michael Koenig

Chief Operating Officer

TCX · TUCOWS INC /PA/

Effective: 2024-10-30
Filed: October 31, 2024, 7:59 PM ET

Michael Koenig, the Chief Operating Officer since October 31, 2022, has left the Company effective October 30, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Michael Koenig departed as Chief Operating Officer at TUCOWS INC /PA/.

Action: departed
Role: Chief Operating Officer

Exact text from the filing

Michael Koenig, the Chief Operating Officer since October 31, 2022, has left the Company effective October 30, 2024.

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TUCOWS INC /PA/ filing history →

Source: SEC EDGAR

accession 0001437749-24-032704

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