Brief: Root Inc Institutes An Organizational Realignment, Including An Involuntary Workforce Reduction Affecting Approximately 330 Employees

Root

20/01/2022 21:51

Jan 20 (Reuters) - Root Inc  ROOT.O :
    * ROOT INC - INSTITUTED AN ORGANIZATIONAL REALIGNMENT,
INCLUDING
AN INVOLUNTARY WORKFORCE REDUCTION AFFECTING APPROXIMATELY 330
EMPLOYEES
    * ROOT INC - MAJORITY OF REDUCTION IS DRIVEN BY OPTIMIZING
CLAIMS
AND SALES DEPARTMENTS FOR CURRENT MACRO ENVIRONMENT
    * ROOT INC - MAJORITY OF AFFECTED EMPLOYEES TO BE NOTIFIED
ON
JANUARY 20, 2022, WITH MOST JOB ELIMINATIONS EFFECTIVE IN
JANUARY 2022
    * ROOT INC - IN Q1 OF 2022, COMPANY EXPECTS TO RECORD
CHARGES OF
APPROXIMATELY $7.0 MILLION TO $8.0 MILLION FOR SEVERANCE,
BENEFITS AND RELATED COSTS


Further company coverage:  ROOT.O 

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