Latch CFO Garth Mitchell is leaving the company less than a year after he took on the role and spearheaded the company’s public market debut through a special acquisition vehicle, or SPAC, an accidental email obtained by Marketingwithanoy shows. The executive shake-up is still not showing up on the news section of Latch’s website, but tThe company has filed a complaint with the SEC and released the news via a teleservice.
Latch said Mitchell will be succeeded “effective immediately” by Barry Schaeffer, senior vice president of finance at Latch. The executive shake-up continues with COO Ali Hussain, who will retain his title but will step down as “executive officer and principal operating officer”. Junji Nakamura, a senior VP at the company, will also take on a new role as chief accounting officer.
“These changes are an important part of this next phase of our growth,” Luke Schoenfelder, CEO and co-founder of Latch, said in a statement. “We look forward to continuing to deliver great experiences for our customers and increasing value for our shareholders through these changes.” Latch did not immediately respond to the request for comment.
From SPAC’s attack to the SPAC’s attack
Latch’s changes come at a pivotal time for many tech companies in the public markets, after stock prices fell amid a broader recovery in pandemic-driven valuations. Marketingwithanoy has been covering this trend since at least December 2021. The sell-off lasted through 2022, triggering a shift in investor sentiment regarding the value of tech companies.