Li-Cycle Provides Business Update; Tim Johnston Will Transition To The Role Of Interim Non-Executive Board Chair; Expects To Reduce ~60 Positions, Representing 17% Of Its Global Workforce
Portfolio Pulse from Benzinga Newsdesk
Li-Cycle is restructuring its management, transitioning to a centralized model from a regional structure, aiming for future success and efficiency. Tim Johnston moves to interim non-executive Board Chair, and Conor Spollen is now COO. The company plans to cut about 60 jobs (17% of its workforce) to save $10 million annually. CFO Debbie Simpson is leaving, with Craig Cunningham stepping in as interim CFO.
March 26, 2024 | 8:23 pm
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Li-Cycle is undergoing a significant restructuring, including management changes and a 17% workforce reduction, aiming for $10M annual savings. This includes a transition to a centralized model, Tim Johnston's role change, and CFO transition.
The restructuring and management changes at Li-Cycle indicate a strategic shift aimed at improving efficiency and positioning for future success. While such changes can lead to short-term uncertainty, the expected cost savings and focus on a centralized model could be positive in the long term. However, the immediate impact on the stock price is uncertain due to potential concerns over the significant workforce reduction and the transition period for the new CFO.
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