Latch makes operational changes to enable continued growth
March 29 2022 - 7:00AM
Latch, Inc. (NASDAQ: LTCH), maker of LatchOS, the full-building
enterprise software-as-a-service (SaaS) platform, today announced
organizational changes to its leadership team. After more than
three high-growth years, Garth Mitchell is transitioning out of the
Company to pursue other opportunities. Mr. Mitchell's last day will
be May 10. Effective immediately, Barry Schaeffer will assume Mr.
Mitchell’s duties as interim Chief Financial Officer. Mr. Mitchell
will provide advisory services to the Company to facilitate a
smooth transition of his duties to Mr. Schaeffer. The Company has
already begun a search process for a new CFO to support Latch’s
continued growth.
Mr. Schaeffer joined Latch as Senior Vice President, Finance in
August 2021. He has led the FP&A and operations finance teams
at Latch. Mr. Schaeffer has been responsible for all financial
planning, partnering with IR on guidance, metrics, and KPI
reporting, and driving operational excellence in the Company’s
software and hardware business lines.
Junji Nakamura will also assume a new role as Chief Accounting
Officer. Mr. Nakamura joined Latch in April 2020 and most recently
served as Senior Vice President, Corporate Controller. He played an
instrumental role in our successful IPO last year and has been
responsible for the Company’s accounting operations, shared
services, tax, SEC reporting, and Sarbanes-Oxley compliance.
“I am thankful to have been part of this team and will be
cheering for Latch’s continued success. Latch remains extremely
well positioned to drive sustainable long-term growth in the
accelerating multifamily technology market,” said Mr. Mitchell.
As part of this operational evolution, Ali Hussain's duties are
also shifting. Mr. Hussain will retain his title as Chief Operating
Officer but will be stepping down as an executive officer and
principal operating officer. This change will enable him to focus
his efforts on special projects and strategic initiatives across
the Company at this important inflection point.
“These changes are an important part of this next phase of our
growth. I am extremely grateful to have worked with Ali and Garth
in their roles, as they helped lead impressive year-over-year
revenue and team growth during their tenures, including building a
world-class finance organization led by Barry Schaeffer, Latch’s
new interim CFO, and Junji Nakamura, Latch’s new Chief Accounting
Officer. We look forward to continuing to deliver amazing
experiences for our customers and increasing value for our
shareholders through these changes,” said Luke Schoenfelder,
Latch’s CEO and Co-Founder.
About Latch, Inc.
Latch makes spaces better places to live, work, and visit
through a system of software, devices, and services. More than one
in ten new apartments in the U.S. are currently being built with
Latch products, serving customers in more than 43 states through
its flagship full-building operating system, LatchOS. For more
information, please visit https://www.latch.com.
FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements within
the meaning of the federal securities laws, including statements
regarding adoption of Latch’s technology and products. These
forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should,"
"would," "will continue," "will likely result," and similar
expressions. Forward-looking statements are predictions,
projections, and other statements about future events that are
based on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Forward-looking information
includes, but is not limited to, statements regarding: the
Company’s future products, performance, and operations, and the
related benefits to shareholders, customers, and residents and the
Company’s strategy. Many factors could cause actual future events
to differ materially from the forward-looking statements in this
document, including Latch’s ability to implement business plans and
changes and developments in the industry in which Latch competes.
The foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the "Risk Factors" section of our most
recent Annual Report on Form 10-K and other documents filed by
Latch from time to time with the Securities and Exchange Commission
(the “SEC”). These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and the Company assumes no obligation
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise, except as
required by law, including the securities laws of the United States
and the rules and regulations of the SEC. The Company does not give
any assurance that it will achieve its expectations.
CONTACTS
Investorsinvestors@latch.com
Mediapress@latch.com
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