New York, New York-based Latch, a provider of hardware and software access control systems targeted at offices and apartment-style buildings, has announced a new leadership team and that operations will focus on a more efficient hybrid workforce model centered around its St. Louis, Missouri office.
The personnel realignment will impact 82 employees or approximately 59% of the company's workforce. This follows an August 2, 2022, workforce reduction that impacted 115 people, or approximately 37% of Latch’s then-current full-time employees.
According to an SEC filing, "On July 10, 2023, Latch, Inc. announced that it had commenced a reduction in force authorized by the Company’s board of directors on July 7, 2023, to streamline its business operations, reduce costs and complexities in the business and create further operating efficiencies. The reduction in force, which the Company commenced on July 10, 2023, and expects to complete by the fourth quarter of 2023, impacts approximately 82 employees, or approximately 59% of the Company’s current full-time employees."
Incoming CEO Jamie Siminoff noted, "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.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
