Doma Holdings, Inc.: restructuring charge — Doma cuts 40% of workforce (~515 jobs) to save $85-90M annually; CEO forfeits RSUs

Doma Holdings, Inc.

Reduction plan eliminates ~515 positions (~40% of workforce); expects $85-90M annualized compensation savings starting Q1 2023.
Expects $9-10M in employment-related charges in Q4 2022 and Q1 2023; facility exit costs not yet estimable.
CEO Maxwell Simkoff voluntarily forfeited 701,010 unvested performance RSUs granted Oct 2021.
Plan aims to reduce costs, improve branch profitability, and focus resources on instant underwriting capabilities.

Key facts

Extracted from this filing and checked against the source text.

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

Doma Holdings, Inc. announced a restructuring with charges of between approximately $9 million - $10 million in employment related charges affecting the Company (approximately 515 positions across the Company, or approximately 4 0% of t he Company’s current workforce).

Type: restructuring
Charge: between approximately $9 million - $10 million in employment related charges
Affected area: the Company
Headcount: approximately 515 positions across the Company, or approximately 4 0% of t he Company’s current workforce

Exact text from the filing

The Reduction Plan includes the elimination of approximately 515 positions across the Company, or approximately 4 0% of t he Company’s current workforce. As part of the Reduction Plan, the Company expects to incur between approximately $9 million - $10 million in employment related charges, including cash expenditures for employee benefits, salary continuation, severance payments, payroll taxes and related costs offset by forfeitures of bonus and stock-based compensation.

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Source: SEC EDGAR

accession 0001722438-22-000216

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