8-K
filed October 16, 2023, 7:59 PM ET
CIK 0001008586
other material
confidence high
sentiment negative
materiality 0.75
STREAMLINE HEALTH SOLUTIONS INC.: restructuring charge — Streamline Health cuts 24% of workforce, loses $4.5M legacy client; appoints new CEO and interim CFO
STREAMLINE HEALTH SOLUTIONS INC.
- Reduces workforce by ~26 employees (24%) for annual cost savings of ~$5.8M; one-time restructuring expense of $0.8-1.2M.
- Received termination notice from legacy client with $4.5M annualized revenue; guidance suspended.
- Benjamin Stilwill appointed CEO, succeeding Tee Green who becomes Executive Chairman.
- Bryant 'B.J.' Reeves named Interim CFO; Thomas Gibson to depart after transition.
- Restructuring expected to be substantially recognized by end of fiscal 2023.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Wyche T. 'Tee' Green, III changed role as Executive Chairman at STREAMLINE HEALTH SOLUTIONS INC..
- Action
- transitioned to
- Role
- Executive Chairman
Exact text from the filing
Mr. Stilwill is succeeding Wyche T. “Tee” Green, III as Chief Executive Officer, with Mr. Green transitioning to the role of Executive Chairman.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Benjamin L. Stilwill was appointed as Chief Executive Officer at STREAMLINE HEALTH SOLUTIONS INC..
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
the Company appointed Benjamin L. Stilwill as Chief Executive Officer of the Company, effective October 13, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Bryant 'B.J.' Reeves was appointed as Interim Chief Financial Officer at STREAMLINE HEALTH SOLUTIONS INC..
- Action
- appointed
- Role
- Interim Chief Financial Officer
Exact text from the filing
the Company appointed Bryant “B.J.” Reeves as Interim Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer of the Company, effective October 13, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas J. Gibson departed as Chief Financial Officer at STREAMLINE HEALTH SOLUTIONS INC..
- Action
- will no longer serve
- Role
- Chief Financial Officer
Exact text from the filing
Thomas J. Gibson will no longer serve as Chief Financial Officer of the Company, effective October 13, 2023.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
STREAMLINE HEALTH SOLUTIONS INC. announced a restructuring with charges of approximately $0.8 to $1.2 million (approximately 26 employees, representing approximately 24% of the Company's workforce).
- Type
- restructuring
- Charge
- approximately $0.8 to $1.2 million
- Headcount
- approximately 26 employees, representing approximately 24% of the Company's workforce
Exact text from the filing
result in annual cost savings of approximately $5.8 million. The Company estimates the one-time restructuring costs associated with the workforce reduction to be approximately $0.8 to $1.2 million, which consists primarily of severance payments and related benefits to affected employees. The Company communicated the workforce reduction on October 13, 2023,
View on SEC.gov
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