California-based charging solutions manufacturer ChargePoint announced the intention to cut its global workforce by about 12%, as part of “a strategic reorganization designed to improve financial performance and position itself for long-term, sustainable growth”, as stated in an official note.

ChargePoint cutting workforce. CEO Rick Wilmer speaking

The reorganization is expected to lead to approximately $14 million in restructuring charges. ChargePoint expects the action to result in annual operating expense savings of approximately $33 million. “As part of a comprehensive business evaluation in my new position as CEO, today we have taken the difficult decision to reorganize our global workforce,” said Rick Wilmer, President and CEO of ChargePoint. “After a thorough review of our business strategy and product roadmap, we are heightening our focus on execution, operational excellence, and improved efficiencies while we continue with our industry-leading innovation.”

In the official note released we read that “ChargePoint maintains a strong financial position with approximately $397 million in cash, cash equivalents and restricted cash on the Company’s balance sheet at the end of the third quarter of fiscal year 2024, with access to an additional $150 million through a revolving credit facility, which remains undrawn”.

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