Informatica Inc.: restructuring charge — Informatica cuts 7% workforce (450 jobs), appoints Michael McLaughlin as CFO

Informatica Inc.

Workforce reduction of ~450 employees (~7% of global workforce); expects $25-35M in non-recurring charges in Q1 2023.
Michael McLaughlin named EVP & CFO effective Jan 16, 2023; replaces Eric Brown, who becomes consultant through March 31, 2023.
New CFO receives $550K base salary, $1M signing bonus, $12M RSU award (60% time-based, 40% performance-based).
Reaffirms Q4 2022 guidance: GAAP revenue $398-408M; Cloud ARR $425-431M; Non-GAAP op income $93-103M.
Reaffirms FY 2022 guidance: total revenue $1,505-1,515M; unlevered free cash flow $290-310M.

item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Michael McLaughlin

EVP Global Finance and Chief Financial Officer

Informatica Inc.

Effective: 2023-01-16
Filed: January 10, 2023, 6:59 PM ET

appointed Michael McLaughlin as EVP Global Finance and Chief Financial Officer (“CFO”) of the Company effective January 16, 2023.

Departed

Eric Brown

Chief Financial Officer

Informatica Inc.

Effective: 2023-01-13
Successor: Michael McLaughlin
Filed: January 10, 2023, 6:59 PM ET

Mr. McLaughlin will succeed Eric Brown, who will step down as CFO and cease to be an employee of the Company effective January 13, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael McLaughlin was appointed as EVP Global Finance and Chief Financial Officer at Informatica Inc..

Action: appointed
Role: EVP Global Finance and Chief Financial Officer

Exact text from the filing

appointed Michael McLaughlin as EVP Global Finance and Chief Financial Officer (“CFO”) of the Company effective January 16, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Eric Brown departed as Chief Financial Officer at Informatica Inc..

Action: step down
Role: Chief Financial Officer

Exact text from the filing

Mr. McLaughlin will succeed Eric Brown, who will step down as CFO and cease to be an employee of the Company effective January 13, 2023.

View on SEC.gov

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

Informatica Inc. announced a restructuring with charges of $25 million to $35 million (approximately 450 employees).

Type: restructuring
Charge: $25 million to $35 million
Headcount: approximately 450 employees

Exact text from the filing

On January 10, 2023, Informatica Inc. (the “Company”) announced a plan to reduce its workforce by approximately 450 employees, representing approximately 7% of the Company’s current global workforce (the “Plan”). The Plan is intended to better align the Company’s global workforce and cost base with its cloud-focused strategic priorities and current business needs. The Company estimates that it will incur non-recurring charges of approximately $25 million to $35 million in connection with the Plan, primarily related to cash expenditures for employee transition, notice period and severance payments, and employee benefits.

View on SEC.gov

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Source: SEC EDGAR

accession 0001868778-23-000003

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