Latch CEO Is Forced Out, More Layoffs
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.
After SPACing in 2021, raising ~$500 million, the company has faced a series of crises, including:
- Latch Misses On Revenue, $166 Million Loss For The Year
- Latch Lays Off 130, Promotes Lee Odess
- Latch Now Cuts 50%+ of Employees
- Latch Falls To Penny Stock After Admitting "Material Errors and Possible Irregularities"
- Latch Admits Audit Investigation
- Latch Expands Audit, Admits More "Errors", More Delays
- Latch Manipulated and Inflated Bookings, Allege Ex-Employees
Earlier this week, IPVM reported on a Latch keyless entry security vulnerability.
*****'* ******* **** ********************* ** ********:
***** ********* * ***** *********** * ********* **** *** ***** thanking ****:
*** ***** ****** **** *** *** visionary ******** ***** **-******** ***** ** 2014 *** *** *** ********** ** positioning ***** ** ** ********** ****** in *** *****, ** **** ** his *********** ** ******** ** ** advisor ** *** ******* ** **** next *****. *** ***** **** ****** Barry *** ***** *** ***** ********** leadership *** ***** **** ************* ** Latch’s ******.
New "*******" ***
********* *** ******* ** ** "*******" CEO***** *****, *** ** * *****-**** *** and *** ********** * ******* ** consulting **** ************:
*** ***** ******* ********** **** ***** 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 *** ************.
******* **** *** ** **** **** Li **** *********** *** **** ***** really ***** **** ***** ******.
***** ******** ** ******* ***** **********, the ********* ** ******** ** *** CEO's **** *** ***** *** ***** what ********:
*** ****** ************* ************ "**** ** ******** ** ******* ********* compensation ** $***,***".
*********** ********** ************* ********* ****:
************, *** ******* ****** ** ****** the ****-*********** ******** ****** ** *********’* 2016 ****** ***** (******* *****) ***** May **, ****. *** “**** ****** Grant” ***** ***** *** ****** ******* to ********* ** *** **, ****, to ******** *,***,*** ****** ** ****** stock ** *** ******* ** ** exercise ***** ** $*.**** *** ***** (on * ****-**** ********** *****).
****'* ***** **** $* ******* ******** he ********* *** ~*.* ******* ****** and **** *****'* $*.** ***** ***** being ~** ***** ****** **** *** exercise *****.
******:*** ******** ******* *** ** *******"********* ************ ** $***,***".
** ****** ** **** ***** ** $403,200 (*** “********* ******”), ***** ** the *** ** (*) *******-**** ******* (75%) ** *** ********* **** ************ described ** ******* *(*) ** *** Severance *********, ***** ****** ****** $***,*** (the “******** ******”), **** (**) ****** percent (**%) ** *** ******** ******, which ****** ****** $**,***, **** ********** state *** ******* ******* ********** *** withholdings, **** ****-*******, ** ********** **** the *******’* ****** ******* *********, ** the ****** ** $**,*** ***** *** earlier ** (*) *** **** ** which *** ********* ****** ** ***** paid ** ********* ** (*) *** termination **** ** *** ********** ********* (such ****, *** “********** *********** ****”).
****, **********, **** *** ******* *** 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 **********. [******** *****]
***, ************ ********* ***** **** ************, e.g. ********:
***:
** ** *****, * ** *** believe ***** **** **** *** ********** since ***** *** ****** ** **** (roughly $*** *******) **** ******* * years *** (**** ****** $*** ******* at **** ****) *** ***** ********* cuts **** ************* ******* ***** **** rate.
*******, *********** ********** ******* **** * lot ** ********** ** ******* **** such ****** **********.
****... *'* *** ***** **** *** & **** ****, ********* *** '******' gets ** ** * *** *******, but * *** ** **** **** I'm ***** ** ***** ** ** sheets ******* **** ** ****, ** she'll **** *** *** ****** ***** if * ***'* ******.
******** *'* *** **** *** **** I'm ***** ** ** ** * need ****-****** ***** *** ** ****** and *******. 😬. * ***** ****'* what *** "******" **** *****.
* *** ** ****** ****, ** for *****'* *******:
********'* *** **** *** **** & Beyond, ****'* ******* ******* *** ********
** ******* ******* ***** ** ******* today
***** *** **** * ***** ******* about *** *******:
**'* * ********** ********** ***** (*** well ********), *** ******* *** ****** and ****** **** ****:
**** ** *** **** ** ********* pitch **** *** *** *** ******* shot ** ***** *** *** ** you **** ****'* ***** ** ** Latch, ** ***** **********.