Latch Expects To Reduce Its Current US- And Taiwan-based Workforce Approximately 59% By November 1, 2023
Portfolio Pulse from Benzinga Newsdesk
Latch plans to reduce its US and Taiwan-based workforce by approximately 59% by November 1, 2023. The company is also introducing a new leadership team, with Jamie Siminoff expected to become CEO later this year. Latch aims to leverage a more efficient, remote global workforce and reduce operational spend, with new US-based roles to be located in St. Louis.
July 10, 2023 | 8:02 pm
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Latch's planned workforce reduction and leadership changes could lead to operational efficiencies but may also cause short-term disruptions.
The workforce reduction could lead to cost savings and increased efficiency in the long run. However, in the short term, it could cause disruptions in operations and potential negative sentiment among remaining employees, which could negatively impact the stock price.
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