Smith Micro Software Approves Plan to Reduce Overall Headcount by 20%; Announces Executive Changes
May 08, 2014 at 09:06 pm
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On May 6, 2014, the Board of Directors of Smith Micro Software approved a plan of restructuring intended to streamline and flatten the company's organization, reduce overall headcount by approximately 20% and reduce its overall cost structure by approximately $2.0 million per quarter. The restructuring includes an update to the assumptions used in the Company's 2013 restructuring related to subleases of its facility consolidations and closures.
As a result of the 2014 restructuring and reorganization, Dan Rawlings, Chief Revenue Officer, will be leaving the company effective May 9, 2014. Andy Schmidt, Vice President and Chief Financial Officer and Christopher Lippincott, Senior Vice President, Global Operations, will be leaving the company, effective May 19, 2014. Steven M. Yasbek, who has been the company's Chief Accounting Officer for the past six years, has been appointed the new Chief Financial Officer replacing Mr. Schmidt, effective immediately. Prior to joining Smith Micro, Mr. Yasbek was the Chief Financial Officer of Alphatec Spine Inc.
Smith Micro Software, Inc. develops software to simplify and enhance the mobile experience, providing solutions to wireless service providers around the world. It operates through the Wireless segment. From enabling the family digital lifestyle to providing voice messaging capabilities, its solutions enhance connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer Internet of Things (IoT) devices. Its portfolio also includes a range of products for creating, sharing, and monetizing content, such as visual voice messaging, optimizing retail content display and performing analytics on any product set. Its products include SafePath, ViewSpot, and CommSuite. SafePath consists of SafePath Family, SafePath IoT, SafePath Home, and SafePath Premium. The SafePath product suite provides tools to protect family digital lifestyles and manage connected devices both inside and outside the home. ViewSpot is its retail display management platform.
SMITH MICRO SOFTWARE, INC. 
