ChargePoint Holdings, Inc. (CHPT): restructuring charge — ChargePoint cuts 12% of workforce, CCO resigns; sees $33M annual savings

ChargePoint Holdings, Inc.

Global workforce reduction of ~12%; expects $14M restructuring charges ($10M severance, $4M facility).
Annual operating expense savings of ~$33M targeted from the reorganization.
Chief Commercial & Revenue Officer Michael Hughes resigns effective Feb 29, 2024; transition through May 1.
CEO Rick Wilmer reaffirms goal of positive non-GAAP adjusted EBITDA in Q4 calendar 2024.
Cash & equivalents ~$397M; $150M undrawn revolver available.

item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Michael Hughes

Chief Commercial and Revenue Officer

CHPT · ChargePoint Holdings, Inc.

Effective: 2024-02-29
Filed: January 10, 2024, 6:59 PM ET

On January 7, 2024, Michael Hughes notified the Company of his intention to resign from his position as Chief Commercial and Revenue Officer, effective as of February 29, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Hughes resigned as Chief Commercial and Revenue Officer at ChargePoint Holdings, Inc..

Action: resigned
Role: Chief Commercial and Revenue Officer

Exact text from the filing

On January 7, 2024, Michael Hughes notified the Company of his intention to resign from his position as Chief Commercial and Revenue Officer, effective as of February 29, 2024.

View on SEC.gov

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

ChargePoint Holdings, Inc. announced a restructuring with charges of approximately $14 million affecting global workforce, facilities (approximately 12%).

Type: restructuring
Charge: approximately $14 million
Affected area: global workforce, facilities
Headcount: approximately 12%

Exact text from the filing

On January 10, 2024, ChargePoint Holdings, Inc. (the "Company") implemented a reorganization of its operations including a reduction of the Company's current global workforce by approximately 12% (the “Reorganization”). The Reorganization is expected to lead to approximately $14 million in restructuring charges, consisting of approximately $10 million in severance and related expenses and approximately $4 million in facility-related expenses.

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

ChargePoint Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001777393-24-000003

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