other material
confidence high
sentiment neutral
materiality 0.65
Hagerty cuts 6% of workforce (103 employees); expects ~$11M Q4 charge, ~$19M annual savings
Hagerty, Inc.
- Reduction of ~6% (103 employees) as part of expense management to achieve growth and profitability goals.
- Non-recurring charge of approximately $11M primarily in Q4 2022.
- Expected annualized savings of ~$19M from the reduction and a voluntary retirement program.
- Impacted employees receive severance, health coverage, partial bonus, transition payment, and outplacement.