8-K filed January 10, 2023, 6:59 PM ET ticker BLND CIK 0001855747

other material confidence high sentiment negative materiality 0.80

Blend Labs, Inc. (BLND): restructuring charge — Blend Labs cuts 28% of workforce (340 jobs), appoints new finance head, expects $100M+ annual savings by end of 2023

Blend Labs, Inc.

Workforce reduction of ~340 positions (28% of onshore) with ~$14M in charges, annualized compensation savings of $43M.
Cumulative cost reductions expected to exceed $100M by end of 2023 relative to Q3 2022 on a non-GAAP basis.
Amir Jafari appointed Head of Finance & Administration; President Tim Mayopoulos steps down (remains on board).
Head of Finance Marc Greenberg and Head of Legal Crystal Sumner to depart; Erin Lantz appointed to board.
Company shifts focus to Blend Builder platform-as-a-service to improve revenue and margins.

item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Erin Lantz

Director

BLND · Blend Labs, Inc.

Effective: 2023-01-10
Filed: January 10, 2023, 6:59 PM ET

On January 10, 2023, the Board appointed Erin Lantz to serve as a member of the Board.

Departed

Roger W. Ferguson, Jr.

Director

BLND · Blend Labs, Inc.

Effective: 2023-01-09
Filed: January 10, 2023, 6:59 PM ET

On January 9, 2023, Roger W. Ferguson, Jr. notified the Company of his resignation from the Board of Directors of the Company (the “Board”), effective as of the same date.

Appointed

Amir Jafari

Head of Finance and Administration

BLND · Blend Labs, Inc.

Filed: January 10, 2023, 6:59 PM ET

On January 10, 2023, the Board appointed Amir Jafari as the Company's new Head of Finance and Administration, such appointment to be effective upon Mr. Jafari's employment commencem

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Erin Lantz was appointed as Director at Blend Labs, Inc..

Action: appointed
Role: Director

Exact text from the filing

On January 10, 2023, the Board appointed Erin Lantz to serve as a member of the Board.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Roger W. Ferguson, Jr. resigned as Director at Blend Labs, Inc..

Action: resigned
Role: Director

Exact text from the filing

On January 9, 2023, Roger W. Ferguson, Jr. notified the Company of his resignation from the Board of Directors of the Company (the “Board”), effective as of the same date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.9

Amir Jafari was appointed as Head of Finance and Administration at Blend Labs, Inc..

Action: appointed
Role: Head of Finance and Administration

Exact text from the filing

On January 10, 2023, the Board appointed Amir Jafari as the Company's new Head of Finance and Administration, such appointment to be effective upon Mr. Jafari's employment commencem

View on SEC.gov

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

Blend Labs, Inc. announced a restructuring with charges of approximately $14 million affecting the Company’s title operations, as well as its corporate operations in R&D, sales and marketing, and general and administrative functions (approximately 340 positions across the Company, or approximately 28% of the Company’s current onshore workforce).

Type: restructuring
Charge: approximately $14 million
Affected area: the Company’s title operations, as well as its corporate operations in R&D, sales and marketing, and general and administrative functions
Headcount: approximately 340 positions across the Company, or approximately 28% of the Company’s current onshore workforce

Exact text from the filing

of approximately 340 positions across the Company, or approximately 28% of the Company’s current onshore workforce. The Company estimates that it will incur approximately $14 million in charges in connection with the January Plan, consisting of cash expenditures for severance payments, employee benefits, payroll taxes and related facilitation costs. The

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Blend Labs, Inc. filing history →

Source: SEC EDGAR

accession 0001855747-23-000005

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