Latch CEO Is Forced Out, More Layoffs

By Conor Healy, Published Jan 11, 2023, 04:42pm EST (Info+)

Latch's CEO, interim CFO, and Chief Accounting Officer have all "resigned", effectively forced out following a series of crises plus more layoffs, per sources to IPVM.

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After SPACing in 2021, raising ~$500 million, the company has faced a series of crises, including:

Earlier this week, IPVM reported on a Latch keyless entry security vulnerability.

*****'* ******* **** ********************* ** ********:

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***** ********* * ***** *********** * ********* **** *** ***** thanking ****:

*** ***** ****** **** *** *** visionary ******** ***** **-******** ***** ** 2014 *** *** *** ********** ** positioning ***** ** ** ********** ****** in *** *****, ** **** ** his *********** ** ******** ** ** advisor ** *** ******* ** **** next *****. *** ***** **** ****** Barry *** ***** *** ***** ********** leadership *** ***** **** ************* ** Latch’s ******.

New "*******" ***

********* *** ******* ** ** "*******" CEO***** *****, *** ** * *****-**** *** and *** ********** * ******* ** consulting **** ************:

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*** ***** ******* ********** **** ***** has "**** **** ** ***** ** turnaround" **********.

CFO *** *** ***

*** **** **** *** ******* *** and *** ***** ********** ******* **** both ******* ** *** **** ****, while *** ******* ** ******** ********* issues, ** * **** ** **** for *** *******. ***** ***** *** not ***** *** ********* ******* ***** early **** **** *** *** ******* of *** ***** *********'* ************* **** not *** **** **** ******.

More *******

**** ******* *** **** **** ******* are *** *********, ***** **** **** the *******'* ***** ******* *********** ** "restructuring *** ************ ** *********":

*** ******* ** ************ ********** * restructuring *** ************ ** ********* ** drive * ******* ***** ** ******** experience-facing *********, ****** *** ******** ****** expansion, ******** *********** **********, *** ****** continued *********** ******* ** *** *********.

Up ****?

**** *** *******'* ***** **** **%+ plus *** ********** ******, ********* *** CEO ** ********. *** ******** *** becomes ******* *** "*******" ** *** future *** *** ***** **** ** is ******** ** **** **** ***** turn ****** ******. **** ******** ********* *** * ******** ****** **** acquired *** ************.

Comments (16)

***** *** **** * ***** ******* about *** *******:

**'* * ********** ********** ***** (*** well ********), *** ******* *** ****** and ****** **** ****:

*** ***** *** ********** ******* *** founder-led ********** *** **** ****** ********** companies ** *** *** ***** ***** we ********* ** **** ***** ****** and * ******* **** *** **** for ****** ** ***** ***

**** ** *** **** ** ********* pitch **** *** *** *** ******* shot ** ***** *** *** ** you **** ****'* ***** ** ** Latch, ** ***** **********.

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"**********". **** ** ** *********.

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****, **** *** ************.

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* ***** *********, ** ** ***** many, **** ****.

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******.

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******* **** *** ** **** **** Li **** *********** *** **** ***** really ***** **** ***** ******.

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***** ******** ** ******* ***** **********, the ********* ** ******** ** *** CEO's **** *** ***** *** ***** what ********:

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*** ****** ************* ************ "**** ** ******** ** ******* ********* compensation ** $***,***".

*********** ********** ************* ********* ****:

************, *** ******* ****** ** ****** the ****-*********** ******** ****** ** *********’* 2016 ****** ***** (******* *****) ***** May **, ****. *** “**** ****** Grant” ***** ***** *** ****** ******* to ********* ** *** **, ****, to ******** *,***,*** ****** ** ****** stock ** *** ******* ** ** exercise ***** ** $*.**** *** ***** (on * ****-**** ********** *****).

****'* ***** **** $* ******* ******** he ********* *** ~*.* ******* ****** and **** *****'* $*.** ***** ***** being ~** ***** ****** **** *** exercise *****.

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****, **********, **** *** ******* *** and ******* *** **** **** *** same ********** *******:

[******* ***] **. ***** ****** ** a ******* *** ******** ******** **************, * ****** ********** ****, * role ** *** **** ***** ****. He ********** ****** ** * ******** of ************ **** **** ** ****. Prior ** ****, **. ***** *** with ***** ******, * ********* ******** and ******* ********** ****, **** **** until *** *********** ** ************ ** 2018. ** *** **** **** ** years ** **********, ********* *******, *** restructuring ********** ******** **** ********** ** technology, **************, ******, ******, *********, *** infrastructure.

[******* ***] **. ***** ****** ** a ******** ****************** **** ** ****, *** *** promoted ** *** ******* **** ** a ******* ** ****. **. ***** has **** **** ** ***** ** professional ********** ** ******* **********-******* ***********. He *** ******* ********** *****, *********, boards ** *********, ***** **********, *** other ************ ** ******* ********* **********, financial *********, *** ********* ********** ** high-impact **********. [******** *****]

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***, ************ ********* ***** **** ************, e.g. ********:

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***:

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** ** *****, * ** *** believe ***** **** **** *** ********** since ***** *** ****** ** **** (roughly $*** *******) **** ******* * years *** (**** ****** $*** ******* at **** ****) *** ***** ********* cuts **** ************* ******* ***** **** rate.

*******, *********** ********** ******* **** * lot ** ********** ** ******* **** such ****** **********.

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** * *** **** *** ********** by *** **** ***** *** **** & ******?!

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****... *'* *** ***** **** *** & **** ****, ********* *** '******' gets ** ** * *** *******, but * *** ** **** **** I'm ***** ** ***** ** ** sheets ******* **** ** ****, ** she'll **** *** *** ****** ***** if * ***'* ******.

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******** *'* *** **** *** **** I'm ***** ** ** ** * need ****-****** ***** *** ** ****** and *******. 😬. * ***** ****'* what *** "******" **** *****.

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**'* **** *** ******** ***** **** dropped **** *******.

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