---
schema_version: "secwatch.filing_event.v1"
accession: "0001826000-23-000080"
form_type: "8-K"
ticker: "LTCH"
cik: "0001826000"
company_name: "Latch, Inc."
filed_at: "2023-07-10T23:59:59+00:00"
generated_at: "2026-06-13T10:39:14.600331+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Latch cuts 59% workforce (82 employees) after HDW acquisition; CTO departs, new CFO appointed

## Summary
- Reduces U.S./Taiwan headcount by ~59% (82 employees) by Nov 1, 2023; expects $5.3-5.8M cash restructuring charges.
- Michael Brian Jones, co-founder and CTO, steps down; Luciano Panaro named CTO effective July 10.
- David Lillis hired as SVP of Finance, base salary $350k, target bonus 50%, expected to become CFO later in 2023.
- Net reduction in stock-based comp expense of $7.5-8.0M from modification of forfeited awards.
- Company leverages Honest Day's Work global workforce; new leadership team includes roles based in St. Louis.

## SEC filing metadata
- accession: 0001826000-23-000080
- form_type: 8-K
- ticker: LTCH
- cik: 0001826000
- company_name: Latch, Inc.
- filed_at: 2023-07-10T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.05, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1826000/000182600023000080/0001826000-23-000080-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1826000/000182600023000080/lat-20230703.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001826000-23-000080
- JSON: https://secwatch.observer/filing/0001826000-23-000080.json
- Plain text: https://secwatch.observer/filing/0001826000-23-000080.txt

## Key facts
- Executive change
  Luciano Panaro was appointed as Chief Technology Officer at Latch, Inc..
  - Action: appointed
  - Role: Chief Technology Officer
  source text: Beginning July 10, 2023, Luciano Panaro will serve as the Company’s Chief Technology Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1826000/000182600023000080/0001826000-23-000080-index.htm
- Executive change
  Michael Brian Jones departed as Chief Technology Officer at Latch, Inc..
  - Action: stepped down
  - Role: Chief Technology Officer
  source text: mutually agreed that Mr. Jones would step down as the Company’s Chief Technology Officer
  evidence_url: https://www.sec.gov/Archives/edgar/data/1826000/000182600023000080/0001826000-23-000080-index.htm
- Executive change
  David Lillis was appointed as Senior Vice President of Finance at Latch, Inc..
  - Action: appointed
  - Role: Senior Vice President of Finance
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1826000/000182600023000080/0001826000-23-000080-index.htm
- Restructurings & Charges
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1826000/000182600023000080/0001826000-23-000080-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.