iRobot Names Gary Cohen as New Chief Executive Officer

Rhea-AI Summary

iRobot Corp. (NASDAQ: IRBT) announced Gary Cohen as the new CEO, bringing over 25 years of executive leadership, turnaround experience, and global consumer product knowledge. Cohen will focus on reorienting the company towards profitability post-restructuring, overseeing innovation, product strategies, operational excellence, and talent management. His track record in brand-building, global distribution, and operational efficiencies makes him a strong fit to lead iRobot's profitable growth journey.

Positive

• Gary Cohen's extensive experience in executive leadership and successful turnarounds at Fortune 500 and privately held companies brings valuable expertise to iRobot.

• Cohen's proven track record in brand growth, product innovation, and operational efficiencies positions him well to drive iRobot's profitable growth strategy.

• Cohen's appointment as CEO signals a strategic move towards profitability following the company's operational restructuring.

Negative

• Glen Weinstein, the former interim CEO, will leave the company after 60 days following the leadership transition, potentially impacting continuity and future decision-making.

• The pressure on Cohen to deliver profitable growth after the recent operational restructuring could pose challenges amidst a competitive consumer robotics market.

Former Gillette, Timex and Energizer executive brings wealth of global consumer product experience, turnaround leadership, and proven track record of driving profitable growth

BEDFORD, Mass., May 7, 2024 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced that Gary Cohen will serve as the company's new chief executive officer, effective immediately. Mr. Cohen has more than 25 years of executive leadership and turnaround experience. As iRobot CEO, he will lead the company's transformational strategy to re-orient toward profitability following a recent operational restructuring. Mr. Cohen will be responsible for overseeing all aspects of the company's business, including innovation, product and commercial strategies, operational excellence, talent, and maintaining a sustainable competitive advantage and consumer-centric brand.

"iRobot has made significant progress toward its operational restructuring plan to position the company for the future, and we are excited to welcome Gary to the team as the business enters its next chapter," said Andrew Miller, iRobot's chairman of the board of directors. "Gary's leadership qualities and areas of expertise, including commercial growth, product innovation, brand-building, global distribution, and operational efficiencies, are a strong match to address the opportunities that lay ahead for iRobot. His proven track record of successfully leading global consumer businesses through challenging times gives us even greater confidence that he is the right person to lead the company on its path toward returning to profitable growth."

"I am truly honored to be joining iRobot, a company with an iconic brand, a legacy of innovation, and a commitment to delighting customers around the world," said Mr. Cohen. "I look forward to working with the board, the leadership team, and our employees across the company to reinvigorate the category, create value, bring new products to market, and continue building the future of consumer robotics."

Mr. Cohen has successfully driven enterprise-wide transformation and brand growth at Fortune 500 and privately held companies in both consumer and B2B segments. He has a history of leading successful turnarounds, most recently at Qualitor Automotive. There, he led a successful transformation as CEO and board director, increasing sales and profits by approximately 100% through the design of proprietary wiper technologies, improved supply chain and operations, and the implementation of an omnichannel strategy that allowed the business to scale distribution globally.

Prior to Qualitor Automotive, Mr. Cohen served as CEO at Timex, where he led an $800 million multi-brand business and global team of 5,000 employees, increasing sales through the development of a new advertising platform as well as a blueprint for product innovation and restructuring of its product portfolio. Earlier in his career, he held leadership roles at Energizer, Playtex and Gillette, where he acquired extensive experience in the areas of sales and marketing, product development and design, brand building, global omnichannel strategies, retail, manufacturing, supply chain, and M&A. At Playtex. Mr. Cohen was part of a turnaround team that led the sale of Playtex to Energizer for $1.16 billion in 2007. At Gillette, Mr. Cohen played an integral role in new product innovation and advertising, growing Oral-B global sales from $1 billion to $1.8 billion and launching the Mach3, one of the company's largest global razor introductions.

Mr. Cohen will join iRobot's board of directors after its annual shareholder meeting on May 23, 2024. Andrew Miller will remain as chair. Former interim CEO Glen Weinstein will stay on with the company for 60 days to assist in the leadership transition.

"I want to thank Glen for his hard work during this pivotal time and congratulate him and the leadership team for what was a successful first quarter and an important step in establishing a foundation for continued success," said Mr. Miller.  

About iRobot Corp.
iRobot is a global consumer robot company that designs and builds thoughtful robots and intelligent home innovations that make life better. iRobot introduced the first Roomba robot vacuum in 2002. Today, iRobot is a global enterprise that has sold more than 50 million robots worldwide. iRobot's product portfolio features technologies and advanced concepts in cleaning, mapping and navigation. Working from this portfolio, iRobot engineers are building robots and smart home devices to help consumers make their homes easier to maintain and healthier places to live. For more information about iRobot, please visit www.irobot.com.

For iRobot Investors
This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company's implementation of its operational restructuring plan and related restructuring charges (including the timing thereof), the Company's business plans, strategies, priorities and initiatives and the expected business and financial impacts thereof (including anticipated cost savings), expected product launches and the impact thereof, and anticipated business enhancements and expected benefits to the Company's products and business therefrom. These forward-looking statements are based on the Company's current expectations, estimates and projections about its business and industry, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "could," "seek," "see," "will," "may," "would," "might," "potentially," "estimate," "continue," "expect," "target," similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control, and are not guarantees of future results. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: the Company's ability to implement its business plans and strategies; the Company's ability to achieve the anticipated benefits of its operational restructuring plan; the Company's ability to successfully navigate its leadership transition; the ability of the Company to retain and hire key personnel; legislative, regulatory and economic developments affecting the Company's business; general economic and market developments and conditions; the impact of various global conflicts on the Company's business and general economic conditions; the evolving legal, regulatory and tax regimes under which the Company operates; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities; supply chain challenges including constraints in the availability of certain semiconductor components used in the Company's products; the financial strength of the Company's customers and retailers; the impact of tariffs on goods imported into the United States; and competition. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" in the Company's most recent annual and quarterly reports filed with the SEC and any subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed from time to time and available at www.sec.gov. The forward-looking statements included herein are made only as of the date hereof. The Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

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SOURCE iRobot Corporation

FAQ

Who is the new CEO of iRobot?

Gary Cohen is the new CEO of iRobot.

What is the stock symbol for iRobot?

The stock symbol for iRobot is IRBT.

What experience does Gary Cohen bring to iRobot?

Gary Cohen brings over 25 years of executive leadership and turnaround experience to iRobot.

When will Gary Cohen join iRobot's board of directors?

Gary Cohen will join iRobot's board of directors after the annual shareholder meeting on May 23, 2024.

What role will Glen Weinstein play after Gary Cohen's appointment?

Glen Weinstein will stay on with the company for 60 days to assist in the leadership transition.

What is iRobot's focus under Gary Cohen's leadership?

iRobot's focus under Gary Cohen's leadership is on reorienting towards profitability post-restructuring and driving innovation and operational excellence.