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By Paul Ziobro
Eargo said Tuesday that Chief Executive Christian Gormsen is leaving the company, and it plans to cut up to 120 employees to cut costs.
The San Jose, Calif.-based maker of hearing aids and headsets said in a U.S. Securities and Exchange Commission filing that it named Chief Operating Officer William Brownies as interim CEO, effective June 30, when Gormsen will step down. Gormsen is also resigning as a member of the company’s board.
As part of his separation agreement, Gormsen is entitled to receive a lump sum payment of $990,000, equivalent to his annual base salary and target annual cash bonus.
Eargo said its cost reduction plan would affect between 90 and 120 employees, or between 32% and 42% of its workforce. It estimates it would incur between $5 million and $7 million in charges tied to employee-termination costs, including severance payments.
Write to Paul Ziobro at [email protected]
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