Li-Cycle To Cut 17% Of Workforce, Reshuffle Leadership

Dow Jones03-27

By Ben Glickman

Li-Cycle will cut about 17% of its global workforce and reshuffle its leadership after a review of operations to conserve cash.

The Toronto-based company, which works to recycle lithium-ion battery materials, said it would cut about 60 positions as it moves from a regional management structure to a centralized model.

Finance chief Debbie Simpson will depart to pursue new opportunities, succeeded on an interim basis by Craig Cunningham, who was recently CFO at Electra Battery Materials.

Conor Spollen, who oversees projects delivery, has been tapped as chief operating officer. Dawei Li, who formerly led the company's Asia-Pacific region, has become chief commercial officer.

Li-Cycle said Executive Chair Tim Johnston would become an interim non-executive board chair. Regional president of Europe, Middle East and Africa Richard Storrie will also depart to pursue other opportunities.

Chief Executive Ajay Kochhar said the structural changes were expected to increase efficiency and lead to more work across different parts of the organization.

The layoffs are expected to save about $10 million annually in payroll and benefit costs. Li-Cycle expects to incur $8.3 million in charges, mostly in the form of cash severance.

The company has been reviewing its business strategy and attempting to implement a cost savings. Li-Cycle said earlier this month it was reviewing its planned Rochester Hub project, which paused construction in October.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

March 26, 2024 16:43 ET (20:43 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2422622028?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-03-27 04:43","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2422622028","market":"nz","top_or_hot":-1,"title":"Li-Cycle To Cut 17% Of Workforce, Reshuffle Leadership","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Ben Glickman \n</p>\n<pre>\n \n</pre>\n<p>\n  Li-Cycle will cut about 17% of its global workforce and reshuffle its leadership after a review of operations to conserve cash. \n</p>\n<p>\n  The Toronto-based company, which works to recycle lithium-ion battery materials, said it would cut about 60 positions as it moves from a regional management structure to a centralized model. \n</p>\n<p>\n  Finance chief Debbie Simpson will depart to pursue new opportunities, succeeded on an interim basis by Craig Cunningham, who was recently CFO at Electra Battery Materials. \n</p>\n<p>\n  Conor Spollen, who oversees projects delivery, has been tapped as chief operating officer. Dawei Li, who formerly led the company's Asia-Pacific region, has become chief commercial officer. \n</p>\n<p>\n  Li-Cycle said Executive Chair Tim Johnston would become an interim non-executive board chair. Regional president of Europe, Middle East and Africa Richard Storrie will also depart to pursue other opportunities. \n</p>\n<p>\n  Chief Executive Ajay Kochhar said the structural changes were expected to increase efficiency and lead to more work across different parts of the organization. \n</p>\n<p>\n  The layoffs are expected to save about $10 million annually in payroll and benefit costs. Li-Cycle expects to incur $8.3 million in charges, mostly in the form of cash severance. \n</p>\n<p>\n  The company has been reviewing its business strategy and attempting to implement a cost savings. Li-Cycle said earlier this month it was reviewing its planned Rochester Hub project, which paused construction in October. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Ben Glickman at ben.glickman@wsj.com \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 26, 2024 16:43 ET (20:43 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Li-Cycle To Cut 17% Of Workforce, Reshuffle Leadership</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLi-Cycle To Cut 17% Of Workforce, Reshuffle Leadership\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-27 04:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Ben Glickman \n\n\n \n\n\n  Li-Cycle will cut about 17% of its global workforce and reshuffle its leadership after a review of operations to conserve cash. \n\n\n  The Toronto-based company, which works to ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LICY","symbol_name":"Li-Cycle Holdings Corp.","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2422622028","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2422622028","pubTimestamp":1711485780,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Li-Cycle will cut about 17% of its global workforce and reshuffle its leadership after a review of operations to conserve cash.The Toronto-based company, which works to recycle lithium-ion battery materials, said it would cut about 60 positions as it moves from a regional management structure to a centralized model.Finance chief Debbie Simpson will depart to pursue new opportunities, succeeded on an interim basis by Craig Cunningham, who was recently CFO at Electra Battery Materials.Conor Spollen, who oversees projects delivery, has been tapped as chief operating officer. Dawei Li, who formerly led the company's Asia-Pacific region, has become chief commercial officer.Li-Cycle said Executive Chair Tim Johnston would become an interim non-executive board chair. Regional president of Europe, Middle East and Africa Richard Storrie will also depart to pursue other opportunities.Chief Executive Ajay Kochhar said the structural changes were expected to increase efficiency and lead to more wo","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LICY":"Li-Cycle Holdings Corp."},"translate_title":"Li-Cycle裁员17%，改组领导层","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LICY":1},"content_text":"By Ben Glickman \n\n\n \n\n\n  Li-Cycle will cut about 17% of its global workforce and reshuffle its leadership after a review of operations to conserve cash. \n\n\n  The Toronto-based company, which works to recycle lithium-ion battery materials, said it would cut about 60 positions as it moves from a regional management structure to a centralized model. \n\n\n  Finance chief Debbie Simpson will depart to pursue new opportunities, succeeded on an interim basis by Craig Cunningham, who was recently CFO at Electra Battery Materials. \n\n\n  Conor Spollen, who oversees projects delivery, has been tapped as chief operating officer. Dawei Li, who formerly led the company's Asia-Pacific region, has become chief commercial officer. \n\n\n  Li-Cycle said Executive Chair Tim Johnston would become an interim non-executive board chair. Regional president of Europe, Middle East and Africa Richard Storrie will also depart to pursue other opportunities. \n\n\n  Chief Executive Ajay Kochhar said the structural changes were expected to increase efficiency and lead to more work across different parts of the organization. \n\n\n  The layoffs are expected to save about $10 million annually in payroll and benefit costs. Li-Cycle expects to incur $8.3 million in charges, mostly in the form of cash severance. \n\n\n  The company has been reviewing its business strategy and attempting to implement a cost savings. Li-Cycle said earlier this month it was reviewing its planned Rochester Hub project, which paused construction in October. \n\n\n \n\n\n  Write to Ben Glickman at ben.glickman@wsj.com \n\n\n  (END) Dow Jones Newswires\n\n\n  March 26, 2024 16:43 ET (20:43 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422622028"}