Latch parts ways with CFO after rocky start at SPAC – TechCrunch

Latch Chief Financial Officer Garth Mitchell is leaving the company less than a year after assuming the role and spearheading the company’s public market debut via a Special Purpose Acquisition Vehicle, or SPAC, an e accidental email obtained by TechCrunch. The executive reshuffle is still not featured on the news section of Latch’s website, but tThe company filed a filing with the SEC, as well as releasing the news via wire service.

Latch said that “effective immediately” Mitchell will be replaced by Barry Schaeffer, senior vice president of finance at Latch. The management shakeup continues with chief operating officer Ali Hussain, who will retain his title but step down as “chief executive and managing director.” Junji Nakamura, the company’s senior vice president, will also take on a new role as chief accounting officer.

“These changes are an important part of this next phase of our growth,” Latch CEO and co-founder Luke Schoenfelder said in a statement. “We look forward to continuing to deliver incredible experiences for our customers and increasing value for our shareholders through these changes.” Latch did not immediately respond to request for comment.

From the attack of the SPACs, to the attacks of the SPACs

Latch’s changes come at a crucial time for many tech companies in public markets, after stock prices have fallen as part of a broader recovery from pandemic-induced valuation highs. TechCrunch has been covering this trend since at least December 2021. The selloff has persisted into 2022, leading to a shift in sentiment among investors regarding the value of tech companies.


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