1stdibs.com, Inc. (DIBS): restructuring charge — 1stdibs cuts 20% of workforce; CTO Ross Paul terminated as part of restructuring

1stdibs.com, Inc.

Workforce reduction of ~20% of global headcount announced June 28, 2023.
Estimated restructuring charges of $1.9M-$2.2M, substantially all in Q2 2023.
CTO Ross Paul terminated effective June 30, 2023, with severance per Executive Severance Plan.
Paul entered advisory agreement through Dec 31, 2023, with continued equity vesting.
Advisory agreement provides for change-in-control benefits under certain conditions.

item 2.05 item 5.02 item 9.01

Executive movements

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Departed

Ross Paul

Chief Technology Officer

DIBS · 1stdibs.com, Inc.

Effective: 2023-06-30
Filed: June 28, 2023, 7:59 PM ET

On June 26, 2023, the Company determined that the employment of Ross Paul, the Company’s Chief Technology Officer and a named executive officer, would be terminated as part of the above-referenced workforce reduction, with such termination effective June 30, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Ross Paul was terminated as Chief Technology Officer at 1stdibs.com, Inc..

Action: terminated
Role: Chief Technology Officer

Exact text from the filing

On June 26, 2023, the Company determined that the employment of Ross Paul, the Company’s Chief Technology Officer and a named executive officer, would be terminated as part of the above-referenced workforce reduction, with such termination effective June 30, 2023.

View on SEC.gov

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

1stdibs.com, Inc. announced a restructuring with charges of approximately $1.9 million - $2.2 million (approximately 20% of the Company’s current global workforce).

Type: restructuring
Charge: approximately $1.9 million - $2.2 million
Headcount: approximately 20% of the Company’s current global workforce

Exact text from the filing

On June 28, 2023, 1stdibs.com, Inc. (the “Company”) announced a workforce reduction designed to reduce operating costs and realign investment priorities. This reduction is expected to represent approximately 20% of the Company’s current global workforce. As a result of the reduction, the Company estimates that it will incur approximately $1.9 million - $2.2 million in non-recurring restructuring charges, consisting primarily of employee severance and benefits costs.

View on SEC.gov

6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

1stdibs.com, Inc. filing history →

Source: SEC EDGAR

accession 0001600641-23-000157

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