The reorganisation, which includes an approximately 12% reduction of the ChargePoint global workforce, is expected to lead to approximately US$14m in restructuring charges, consisting of around US$10 million in severance and related expenses and some US$4m in facility-related expenses.
ChargePoint expects the action to result in annual operating expense savings of approximately US$33m. As previously announced, additional components of the strategic plan under new president and CEO, Rick Wilmer, will be discussed in ChargePoint’s fourth quarter of fiscal 2024 investor call expected to be held in March of this year.
“As part of a comprehensive business evaluation in my new position as CEO, today we have taken the difficult decision to reorganise our global workforce,” said Wilmer. “After a thorough review of our business strategy and product roadmap, we are heightening our focus on execution, operational excellence, and improved efficiencies while we continue with our industry-leading innovation.”
