HIPO - Hippo cuts workforce by 10% Ran Harpaz COO and CTO departs
- Hippo ( NYSE: HIPO ) instituted an organizational realignment , a workforce reduction affecting ~70 employees, which represents ~10% of the workforce.
- Company expects to record charges of ~$1.8M-2M for severance, benefits, and related costs as a result of these actions, of which ~$1.2M-$1.4M are expected to result in cash expenditures in the same period.
- Effective November 15, 2022, Ran Harpaz, COO and CTO will depart from his position, separation benefits based on his termination consisting of $250,000 shall be paid.
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Hippo cuts workforce by 10%, Ran Harpaz, COO and CTO departs