Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Luciano Panaro was appointed as Chief Technology Officer at Latch, Inc..
- Action
- appointed
- Role
- Chief Technology Officer
Exact text from the filing
Beginning July 10, 2023, Luciano Panaro will serve as the Company’s Chief Technology Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael Brian Jones departed as Chief Technology Officer at Latch, Inc..
- Action
- stepped down
- Role
- Chief Technology Officer
Exact text from the filing
mutually agreed that Mr. Jones would step down as the Company’s Chief Technology Officer
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Executive change
SEC 8-K Item 5.02
confidence 0.95
David Lillis was appointed as Senior Vice President of Finance at Latch, Inc..
- Action
- appointed
- Role
- Senior Vice President of Finance
Exact text from the filing
Pursuant to the Employment Agreement, Mr. Lillis will serve as Senior Vice President of Finance beginning on July 17, 2023 (the “Start Date”) and is expected to be appointed as Chief Financial Officer of the Company later in 2023.
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Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Latch, Inc. announced a restructuring with charges of approximately $5.3 million to $5.8 million of total cash restructuring and related charges (approximately 82 employees, or approximately 59% of the Company’s current full-time employees).
- Type
- restructuring
- Charge
- approximately $5.3 million to $5.8 million of total cash restructuring and related charges
- Headcount
- approximately 82 employees, or approximately 59% of the Company’s current full-time employees
Exact text from the filing
On July 10, 2023, Latch, Inc. (the “Company”) announced that it had commenced a reduction in force authorized by the Company’s board of directors (the “Board”) on July 7, 2023 to streamline its business operations, reduce costs and complexities in the business and create further operating efficiencies. The reduction in force, which the Company commenced on July 10, 2023 and expects to complete by the fourth quarter of 2023, impacts approximately 82 employees, or approximately 59% of the Company’s current full-time employees. The Company estimates that it will incur approximately $5.3 million to $5.8 million of total cash restructuring and related charges, primarily related to severance and benefit costs (excluding the impact of stock-based compensation), substantially all of which is expected to be incurred in the third and fourth quarters of 2023.
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