Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Eric Armstrong departed as Chief Growth Officer at Edgio, Inc..
- Action
- leave
- Role
- Chief Growth Officer
Exact text from the filing
On December 14, 2022, Eric Armstrong and the Company entered into a Separation and Release Agreement (the “ Agreement ”), whereby Mr. Armstrong will leave his position as the Company’s Growth Officer on December 31, 2022
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Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Edgio, Inc. announced a restructuring with charges of approximately $2.6 million (approximately 95 employees, or approximately 10% of the Company’s global workforce).
- Type
- restructuring
- Charge
- approximately $2.6 million
- Headcount
- approximately 95 employees, or approximately 10% of the Company’s global workforce
Exact text from the filing
On December 13, 2022, the Board of Directors (the "Board") of Edgio, Inc. (the "Company") approved a restructuring plan (the “Restructuring Plan”) in order to reduce its operating costs as part of its transformational initiative to optimize its business model and increase efficiencies. The Restructuring Plan is anticipated to entail a reduction in force of approximately 95 employees, or approximately 10% of the Company’s global workforce, to be implemented through the second quarter of 2023 (the “Reduction in Force”). The Company estimates that Restructuring Plan charges will be approximately $2.6 million and will be recorded as restructuring expenses which consist of one-time severance charges and continuation of health benefits.
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