Cardlytics, Inc. (CDLX): restructuring charge — Cardlytics terminates 51 employees; Executive Chairman Grimes and Director Laube resign; Balen named Chairman
Cardlytics, Inc.
Reduction in force of 51 employees; estimated $1.1M in severance and related costs, substantially incurred in Q4 2022.
Executive Chairman Scott Grimes resigns; 51,117 RSUs accelerated to vest by Nov 18, 2022; other equity forfeited.
Director and Advisor Lynne Laube resigns; 65,372 RSUs accelerated to vest by Nov 18, 2022; other equity forfeited.
John V. Balen appointed Chairman of the Board, effective Nov 12, 2022, succeeding Grimes.
On November 11, 2022, Lynne Laube resigned from all positions with the Company, including but not limited to that of Advisor to the Chief Executive Officer and Director of the Board of the Company.
On November 11, 2022, Scott D. Grimes resigned from all positions with the Company, including but not limited to that of the Executive Chairman of the Board of Directors (the "Board") of the Company.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 1.0
Lynne Laube resigned as Advisor to the Chief Executive Officer and Director at Cardlytics, Inc..
Action
resigned
Role
Advisor to the Chief Executive Officer and Director
Exact text from the filing
On November 11, 2022, Lynne Laube resigned from all positions with the Company, including but not limited to that of Advisor to the Chief Executive Officer and Director of the Board of the Company.
Scott D. Grimes resigned as Executive Chairman at Cardlytics, Inc..
Action
resigned
Role
Executive Chairman
Exact text from the filing
On November 11, 2022, Scott D. Grimes resigned from all positions with the Company, including but not limited to that of the Executive Chairman of the Board of Directors (the "Board") of the Company.
Cardlytics, Inc. announced a restructuring with charges of approximately $1.1 million (51 employees).
Type
restructuring
Charge
approximately $1.1 million
Headcount
51 employees
Exact text from the filing
On November 8, 2022, Cardlytics, Inc. (the “Company”) committed to and effectuated a plan of termination of 51 employees. This decision was based on cost-reduction initiatives intended to reduce operating expenses and allow the Company to focus on key growth priorities. The Company currently estimates that it will incur charges of approximately $1.1 million in connection with the reduction in force, primarily consisting of severance payments, employee benefits and related costs.
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.