INLB - Item 9 Labs announces restructuring to cut costs
2023-05-23 11:06:42 ET
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Item 9 Labs ( OTCQX:INLB ) said Tuesday it has executed a major restructuring to right-size its operations and cost structure, aiming to reduce operating expenses and overheads by $3.5 million annually.
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The company said CEO Michael Weinberger has resigned and chairman Doug Bowden will take over on an interim basis.
- Michael Keskey resigned as Chief Legal Officer and Lawrence Taylor as a member of the board.
- COO Chris Wolven will oversee all company entities and operations and will be the primary company-facing executive.
- Director Jeffrey Rassás has been appointed strategic advisor, focusing on investor and public relations as well as capital needs.
- Press Release .
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Item 9 Labs announces restructuring to cut costs