Li-Cycle to cut 17% of its workforce, reshuffle leadership

By Ben Glickman

Li-Cycle (LICY) will cut about 17% of its global workforce and reshuffle its leadership after a review of operations to conserve cash.

The Toronto-based company, which works to recycle lithium-ion battery materials, said it would cut about 60 positions as it moves from a regional management structure to a centralized model.

Finance chief Debbie Simpson will depart to pursue new opportunities, succeeded on an interim basis by Craig Cunningham, who was recently CFO at Electra Battery Materials.

Conor Spollen, who oversees projects delivery, has been tapped as chief operating officer. Dawei Li, who formerly led the company's Asia-Pacific region, has become chief commercial officer.

Li-Cycle said Executive Chair Tim Johnston would become an interim non-executive board chair. Regional president of Europe, Middle East and Africa Richard Storrie will also depart to pursue other opportunities.

Chief Executive Ajay Kochhar said the structural changes were expected to increase efficiency and lead to more work across different parts of the organization.

The layoffs are expected to save about $10 million annually in payroll and benefit costs. Li-Cycle expects to incur $8.3 million in charges, mostly in the form of cash severance.

The company has been reviewing its business strategy and attempting to implement a cost savings. Li-Cycle said earlier this month it was reviewing its planned Rochester Hub project, which paused construction in October.

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

03-26-24 1703ET

Copyright (c) 2024 Dow Jones & Company, Inc.