Latch Drives Additional Discipline and Efficiency, Setting the Stage For Accelerated Future Growth

Following the completion of the Honest Day’s Work (HDW) acquisition earlier this month, Latch, Inc. (NASDAQ: LTCH) today announced its commitment to enhancing operational discipline and efficiency within the organization. As part of this strategic initiative, the company expects to reduce its current U.S.- and Taiwan-based workforce approximately 59% by November 1, 2023.

HDW’s talent philosophy and global team have enabled Latch to quickly execute on cost savings, and the decreased U.S.- and Taiwan-based headcount should allow for additional cost cutting measures to be implemented on SaaS software licenses and other systems.

The goal of these strategic measures is to create a scalable foundation for growth. To that end, the company is unveiling a new leadership team alongside Jamie Siminoff, who is expected to become CEO later this year, including:

• Luciano Panaro, who is taking over as Chief Technology Officer;
• David Lillis, based in St. Louis, who is starting as SVP of Finance on July 17, 2023 and who is expected to take over as Chief Financial Officer later this year;
• Claire Duval, who is taking over as VP of Operations;
• Eugenia Adjigogovic, who is taking over as Head of People; and
• Chris Peckham, also based in St. Louis, who has recently joined as Head of Sales.

As Latch leverages a more efficient, remote global workforce, new U.S.-based roles that are most effective when co-located together will be based in St. Louis. This hybrid approach combines sourcing globally, allowing for remote work where appropriate, with a centralized office in St. Louis to build an efficient team that supports a sustainable business.

Siminoff said, “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.”

The new leadership team will bring diverse backgrounds and a wealth of experience and knowledge to their positions and is uniquely suited to support Latch’s future growth. After taking over as CFO later this year, Lillis is expected to oversee all financial functions of Latch, including financial planning, analysis, reporting, and treasury management. He will work closely with the executive team to streamline processes, drive cost optimization initiatives, and provide actionable insights to support informed decision-making.