iRobot Announces Operational Restructuring Plan to Position Company for the Future
BEDFORD, Mass., Jan. 29, 2024 /PRNewswire/ -- Today, iRobot Corporation (NASDAQ: IRBT), a leader in consumer robots, announced that it will implement an operational restructuring plan designed to position the Company for stabilization in the current environment, while focusing on profitability and advancing key growth initiatives to extend its market share in the mid-tier and premium segments. This plan was approved following iRobot's and Amazon's mutual decision to terminate their previously announced merger agreement. That announcement can be found here.
- Concurrent with the implementation of its operational restructuring plan, the Company today also announced a leadership transition whereby Colin Angle, Chairman of the Board of Directors and CEO, has stepped down as Chairman and CEO.
- Jeff Engel, a highly regarded turnaround expert, has been appointed Chief Restructuring Officer to oversee these initiatives and lead the implementation of the operational restructuring plan and will report directly to the Board and Mr. Weinstein.
- To do this successfully, however, we must rapidly align our operating model and cost structure to our future as a standalone company.
- Concurrent with the implementation of its operational restructuring plan, the Company today also announced the following leadership changes:
Colin Angle has stepped down as Chairman of the Board and CEO.