iRobot appoints Gary Cohen as CEO, provides optimistic 2024 forecast

iRobot

07/05/2024 22:30

May 7 (Reuters) - iRobot  IRBT.O  appointed Gary Cohen
as chief executive officer on Tuesday to head the robot vacuum
maker's turnaround efforts.
    Shares of the Bedford, Massachusetts-based company rose more
than 4% in extended trading as it separately forecast annual
revenue above estimates. 
    The company expects 2024 revenue with a midpoint of $837.5
million while four analysts polled by LSEG expect $829.8
million. 
    Roomba-parent iRobot also beat revenue estimates for the
first quarter, during which analysts had expected much of the
company's restructuring efforts to take place. 
    Founder Colin Angle had stepped down as CEO in January,
saying that the company might be better served by a new leader
with turnaround experience.
    Cohen's appointment is effective immediately. He has
previously served as the CEO of Qualitor Automotive, which
provides wiper blades and other auto accessories to customers,
and as the chief executive of Timex. 
    "Our plan is designed to stabilize the business in the
current market environment," said Glen Weinstein, who served as
iRobot's interim CEO until Cohen's appointment.
    Weinstein will stay on with the company for 60 days to
assist with the leadership transition. 
    The cash-strapped company has been reeling from the collapse
of its $1.4 billion sale to Amazon  AMZN.O . 
    
    

 (Reporting by Arsheeya Bajwa in Bengaluru; Editing by Alan
Barona)
 ((ArsheeyaSingh.Bajwa@thomsonreuters.com; +91 8510015800;))