iRobot, a popular robotics vacuum cleaning solutions provider, has revealed an organisational restructuring plan. In a statement, the company said the restructuring plan is designed to position the company for stabilisation in the current environment, “while focusing on profitability and advancing key growth initiatives to extend its market share in the mid-tier and premium segments.”
The restructuring will result in close to 350 employees being sacked — almost 31% of the total workforce.“As part of this workforce reduction, iRobot expects to record restructuring charges totalling between $12 million and $13 million, primarily for severance and related costs, over the first two quarters of 2024, with the majority of the restructuring charges anticipated in the first quarter of 2024,” iRobot said.
Andrew Miller, chairman of the board, said, “Though decisions that impact our people are difficult, we must move forward with a more sustainable business model, and a renewed focus on profitability. We are confident that the actions we are announcing today will enable us to chart a new strategic path for sustainable value creation.”
Furthermore, leadership changes have also been revealed by iRobot. A leadership transition was announced whereby Colin Angle, Chairman of the Board of Directors and CEO, has stepped down as Chairman and CEO. Glen Weinstein, iRobot’s Executive Vice President and Chief Legal Officer, has been appointed Interim CEO, and Andrew Miller, lead independent director of the Board, has been appointed Chairman of the Board.
Angle will continue to serve on the iRobot Board of Directors until his current term expires in May 2024, and has agreed to remain with the Company as a senior advisor for up to 12 months, to ensure a smooth transition.
iRobot was set to be acquired by Amazon and a deal was announced in 2022. However, both the companies mutually agreed to terminate the acquisition.
The restructuring will result in close to 350 employees being sacked — almost 31% of the total workforce.“As part of this workforce reduction, iRobot expects to record restructuring charges totalling between $12 million and $13 million, primarily for severance and related costs, over the first two quarters of 2024, with the majority of the restructuring charges anticipated in the first quarter of 2024,” iRobot said.
Andrew Miller, chairman of the board, said, “Though decisions that impact our people are difficult, we must move forward with a more sustainable business model, and a renewed focus on profitability. We are confident that the actions we are announcing today will enable us to chart a new strategic path for sustainable value creation.”
Furthermore, leadership changes have also been revealed by iRobot. A leadership transition was announced whereby Colin Angle, Chairman of the Board of Directors and CEO, has stepped down as Chairman and CEO. Glen Weinstein, iRobot’s Executive Vice President and Chief Legal Officer, has been appointed Interim CEO, and Andrew Miller, lead independent director of the Board, has been appointed Chairman of the Board.
Angle will continue to serve on the iRobot Board of Directors until his current term expires in May 2024, and has agreed to remain with the Company as a senior advisor for up to 12 months, to ensure a smooth transition.
iRobot was set to be acquired by Amazon and a deal was announced in 2022. However, both the companies mutually agreed to terminate the acquisition.
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