PureCycle Technologies, Inc. (PCT): restructuring charge — PureCycle reduces workforce by 22, CFO Somma departs, board member Fieler named interim CFO

PureCycle Technologies, Inc.

Reduction-in-force of 22 employees (majority not at Ironton); post-separation headcount ~160. Severance costs ~$1M.
CFO Lawrence C. Somma resigned effective Dec 1; receives $300K cash, pro-rated vesting, acceleration of 120,791 RSUs.
Board member Jeff Fieler appointed interim CFO; compensation: $42,500/month in stock plus performance bonus of $360K-$720K.
Committee changes: Allen Jacoby named N&G Chair, Fernando Musa to N&G, Steven Bouck to Audit & Finance.

item 2.05 item 5.02 item 9.01

Executive movements

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Role change (interim)

Jeff Fieler

Interim Chief Financial Officer

PCT · PureCycle Technologies, Inc.

Effective: 2023-12-01
Filed: December 1, 2023, 6:59 PM ET

On November 27, 2023, the Company reached agreement with Jeff Fieler, 54, an independent member of the Board of Directors (“Board”), to serve as the Company’s interim Chief Financial Officer (“CFO”) while the Company conducts a search for a permanent CFO.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jeff Fieler was appointed as Interim Chief Financial Officer at PureCycle Technologies, Inc..

Action: appointed
Role: Interim Chief Financial Officer

Exact text from the filing

On November 27, 2023, the Company reached agreement with Jeff Fieler, 54, an independent member of the Board of Directors (“Board”), to serve as the Company’s interim Chief Financial Officer (“CFO”) while the Company conducts a search for a permanent CFO.

View on SEC.gov

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

PureCycle Technologies, Inc. announced a restructuring with charges of approximately $1.0 million (22 employees).

Type: restructuring
Charge: approximately $1.0 million
Headcount: 22 employees

Exact text from the filing

to be able maintain its historical strategic direction. The Company currently expects severance costs, principally in the form of payroll expenses, to total approximately $1.0 million. --- EX-99.1 (EX-99.1) --- PureCycle Appoints Jeff Fieler as Interim CFO Orlando, Florida – December 1, 2023 – PureCycle Technologies, Inc. (Nasdaq: PCT), today, announced

View on SEC.gov

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

PureCycle Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001830033-23-000083

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