WW International Reports Operations, Costs, and Personnel Changes
Ticker: WW · Form: 8-K · Filed: Aug 1, 2024 · CIK: 105319
| Field | Detail |
|---|---|
| Company | Ww International, Inc. (WW) |
| Form Type | 8-K |
| Filed Date | Aug 1, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $12.0 million, $15.0 million, $137,979, $427,289 |
| Sentiment | neutral |
Sentiment: neutral
Topics: operations, restructuring, personnel-changes
TL;DR
WW Intl 8-K out: Ops, exit costs, and exec changes reported for July 27.
AI Summary
WW International, Inc. filed an 8-K on August 1, 2024, reporting on results of operations, costs associated with exit or disposal activities, and changes in officers and directors. The filing covers events up to July 27, 2024, and includes financial statements and exhibits.
Why It Matters
This 8-K filing provides crucial updates on WW International's financial performance and operational adjustments, which could impact investor decisions.
Risk Assessment
Risk Level: medium — The filing details operational results and potential restructuring costs, which can introduce uncertainty for investors.
Key Players & Entities
- WW INTERNATIONAL, INC. (company) — Registrant
- July 27, 2024 (date) — Date of earliest event reported
- August 1, 2024 (date) — Filing date
FAQ
What specific 'Results of Operations' are detailed in this 8-K?
The filing indicates that 'Results of Operations' are a key item, but the specific details of these results are not provided in the provided text snippet.
What kind of 'Cost Associated with Exit or Disposal Activities' are mentioned?
The filing lists 'Cost Associated with Exit or Disposal Activities' as an item, but the nature and amount of these costs are not specified in the provided text.
What changes in directors or officers are reported?
The filing notes 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers' as an item, but the specific individuals and changes are not detailed in the provided text.
When was the earliest event reported in this filing?
The earliest event reported in this filing occurred on July 27, 2024.
What is the state of incorporation for WW International, Inc.?
WW International, Inc. is incorporated in Virginia.
Filing Stats: 1,044 words · 4 min read · ~3 pages · Grade level 10.8 · Accepted 2024-08-01 07:05:52
Key Financial Figures
- $12.0 million — currently estimates will range between $12.0 million to $15.0 million in the aggregate with
- $15.0 million — tes will range between $12.0 million to $15.0 million in the aggregate with respect to employ
- $137,979 — e Leave Date, such amount not to exceed $137,979 1 in the aggregate, and the continued p
- $427,289 — nt of an aggregate cash amount of up to $427,289 2 to be paid in substantially equal ins
Filing Documents
- d792737d8k.htm (8-K) — 32KB
- d792737dex991.htm (EX-99.1) — 355KB
- g792737g0801000557240.jpg (GRAPHIC) — 5KB
- 0001193125-24-190580.txt ( ) — 547KB
- ww-20240727.xsd (EX-101.SCH) — 3KB
- ww-20240727_lab.xml (EX-101.LAB) — 18KB
- ww-20240727_pre.xml (EX-101.PRE) — 11KB
- d792737d8k_htm.xml (XML) — 4KB
02
Item 2.02. Results of Operations and Financial Condition . The information contained in Item 2.02 of this Current Report on Form 8-K, including the text of the press release attached as Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information contained in Items 2.02 and 9.01 of this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document or filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. On August 1, 2024, WW International, Inc. (the "Company") issued a press release announcing its financial results for its fiscal quarter ended June 29, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
05
Item 2.05. Costs Associated with Exit or Disposal Activities . On July 27, 2024, in connection with the strategic streamlining of its operational structure to optimize its clinical and behavioral product portfolio and its cost-savings initiative, the Company committed to a plan of reduction in force that will result in the elimination of certain positions and the termination of employment for certain employees worldwide (the "Restructuring Plan"). The Company anticipates recording restructuring charges that it currently estimates will range between $12.0 million to $15.0 million in the aggregate with respect to employee termination benefit costs, which are expected to consist primarily of general and administrative expenses. These charges are expected to be recorded in the second half of fiscal 2024. Substantially all of the costs arising from the Restructuring Plan are expected to result in cash expenditures related to separation payments and other employee termination expenses. The Company expects the Restructuring Plan to be fully executed by the end of fiscal 2025.
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers . On July 27, 2024, in connection with the Restructuring Plan, the Compensation and Benefits Committee of the Board of Directors of the Company approved the elimination of the position of Chief Technology Officer effective August 9, 2024 and the related departure from the Company of Pierre-Olivier Latour, the Company's current Chief Technology Officer. Mr. Latour will cease providing services to the Company on August 9, 2024 (the "Leave Date") and his employment will be terminated effective October 31, 2024 (the "Departure Date", and such period between the Leave Date and the Departure Date, the "Leave Period"). In connection with his departure from the Company, on July 31, 2024, Mr. Latour entered into an agreement with a subsidiary of the Company regarding the termination of his employment (the "Agreement"). The material terms of the Agreement are as follows: (i) during the Leave Period, the continued payment of his base salary as of the Leave Date, such amount not to exceed $137,979 1 in the aggregate, and the continued provision of his contractual benefits and (ii) the payment of an aggregate cash amount of up to $427,289 2 to be paid in substantially equal installments via salary continuation over a 9-month period following his Departure Date. All of Mr. Latour's unvested equity awards as of the Departure Date will be forfeited. Mr. Latour is subject to covenants with respect to non-competition and non-solicitation of employees of the Company for one year following the Departure Date as well as with respect to confidentiality for perpetuity. In the Agreement, Mr. Latour released all claims against the Company and all of its affiliates, related entities, predecessors and successors. 1. CHF 121,375 converted to U.S. dollars using the applicable exchange rate on July 31, 2024. 2. CHF 375,870 converted
Financial Statements and Exhibits
Financial Statements and Exhibits . (d) Exhibits. Exhibit Description Exhibit 99.1 Press Release dated August 1, 2024. Exhibit 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WW INTERNATIONAL, INC. DATED: August 1, 2024 By: /s/ Heather Stark Name: Heather Stark Title: Chief Financial Officer 3