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News Breaks | | | | July 11, 2012 | | 06:50 EDT |  | QLTI | QLT Inc. to cut 146 employees, terminate employment of CEO
On July 9, QLT Inc. announced a letter from the Board of Directors of the Company to the Company’s shareholders indicating that the Company has taken action to strategically reposition the Company. As a result of this strategic repositioning, effective on July 6, the Company determined to reduce the size of the Company’s workforce by 146 employees. The affected employees will be released over the coming days, weeks and months. The Company estimates the impact of these actions will result in a pre-tax restructuring charge of approximately $15M-$19M in the third quarter of 2012. The Company estimates that the total cash expense will be approximately $14M-$17M, including approximately $12 million related to one-time severance and change of control payments and approximately $2M related to operating leases. In connection with the strategic repositioning of the Company, the Board of Directors has decided to terminate the employment of Robert L. Butchofsky as the Company’s President and CEO effective on July 31, or the earlier appointment of a new CEO. The Board is currently evaluating several candidates to succeed Mr. Butchofsky. Sukhi Jagpal has been appointed as interim CFO and interim Chief Accounting Officer. | |
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