An announcement from Li-Cycle Holdings (LICY) is now available.
Li-Cycle Holdings Corp. has announced a significant workforce reduction, cutting about 17% of its global workforce, which equates to around 60 positions, primarily at the corporate level. This move is part of a broader cash preservation plan aimed at streamlining the company’s operations. Alongside this reduction, there have been key leadership changes, with the departure of the Executive Chair, Chief Financial Officer, and Regional President, EMEA. To maintain continuity, interim positions have been filled, such as appointing Mr. Craig Cunningham as the Interim Chief Financial Officer, and Mr. Conor Spollen as the new Chief Operating Officer. The company anticipates incurring around $8.3 million in charges related to the workforce reduction, which includes severance payments and outplacement services. These strategic shifts underscore Li-Cycle’s commitment to operational efficiency and fiscal responsibility as it adapts to the evolving market landscape.
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