Latch, Inc. (LTCH), a leading provider of smart access systems, has recently announced its commitment to enhancing operational discipline and efficiency following the completion of the Honest Day's Work (HDW) acquisition earlier this month. As part of this strategic initiative, the company plans to reduce its current U.S.- and Taiwan-based workforce by approximately 59% by November 1, 2023. This move aims to optimize cost savings and create a scalable foundation for future growth. In addition, Latch has unveiled a new leadership team that will support the company's long-term objectives.

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Workforce Reduction and Cost Optimization

In line with its commitment to operational efficiency, Latch plans to decrease its workforce based in the United States and Taiwan. This reduction, made possible by the integration of HDW's talent and global team, will allow for additional cost-cutting measures, particularly in SaaS software licenses and other systems. By implementing these strategic measures, Latch aims to achieve significant cost savings and streamline processes, both internally and externally. The ultimate goal is to provide the best products and services to customers while generating increased sales and profits for the benefit of stockholders.

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New Leadership Team

To drive these strategic initiatives forward, Latch has introduced a new leadership team. Led by Jamie Siminoff, who is expected to assume the role of CEO later this year, the team comprises individuals with diverse backgrounds and extensive experience. The team members include:

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Luciano Panaro, Chief Technology Officer

Panaro will bring his expertise to guide Latch's technological advancements and drive innovation.

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David Lillis, SVP of Finance and future Chief Financial Officer

Lillis, who will join on July 17, 2023, will oversee financial functions, including planning, analysis, reporting, and treasury management. His focus will be on streamlining processes, optimizing costs, and providing valuable insights for informed decision-making.

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Claire Duval, VP of Operations

Duval will be responsible for enhancing operational efficiency and ensuring smooth day-to-day operations within the organization.

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Eugenia Adjigogovic, Head of People

Adjigogovic will play a crucial role in managing and developing Latch's human resources, promoting a positive work culture, and attracting top talent.

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Chris Peckham, Head of Sales

Peckham, who recently joined the team, will lead sales efforts and drive revenue growth for the company.

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Hybrid Approach for Efficiency

As Latch looks to leverage a more efficient, remote global workforce, certain U.S.-based roles that benefit from co-location will be based in St. Louis. This hybrid approach combines global sourcing and remote work where appropriate, while maintaining a centralized office in St. Louis. The aim is to build an efficient team that supports sustainable business operations, while also enabling flexibility and collaboration.