The manufacturer of intelligent access control hardware and software, Latch, Inc., (NASDAQ: LTCH) has recently announced a new strategic growth initiative the company has developed to pursue what it calls, a “scalable foundation for growth.” As part of this initiative, Latch has stated it will be going through a series of layoffs meant to reduce its current U.S.- and Taiwan-based workforce approximately 59% by November 1, 2023.
This news comes following the completion of the company’s most recent acquisition, Honest Day’s Work, a platform designed to help service providers, such as housekeepers, dog walkers, and drivers, operate more efficiently, profitably, and independently through technology
Latch has also unveiled a brand-new leadership team, alongside former Ring CEO, Jamie Siminoff–who is expected to become CEO of Latch later this year–who will be helping push the company’s growth strategy.
Siminoff said, “These new measures are focused on creating the best foundation for growing the business long term. Discipline and efficiency are not only expected to save Latch millions of dollars but should also accelerate and simplify processes, both internally and externally.
“It is our responsibility to our customers to provide the best products and services at the lowest cost. Doing that should result in increased sales and profits, creating value for our stockholders.”
These new hires include Luciano Panaro, who is taking over as Chief Technology Officer; David Lillis, who is starting as SVP of Finance on July 17, 2023 and who is expected to take over as Chief Financial Officer later this year; Claire Duval, who is taking over as VP of Operations; Eugenia Adjigogovic, who is taking over as Head of People; and Chris Peckham, who has recently joined as Head of Sales.
“I’m excited to join the Latch team on this journey as we embrace a more disciplined and efficient approach to business operations,” said Lillis. “I look forward to collaborating with the talented individuals at Latch to drive financial excellence and contribute to the company’s continued growth and success.”
In addition to the layoffs and new leadership teams, Latch has also stated that part of the strategic initiative is to add greater efficiencies into its current global workforce.
The company states that new U.S.-based roles that are most effective when co-located together, will be based out of the company’s St. Louis office.
This hybrid approach, the company states, combines sourcing globally, allowing for remote work where appropriate, with a centralized office in St. Louis to build an efficient team that supports a sustainable business.
