BEDFORD,
Mass., Aug. 6, 2024 /PRNewswire/ -- iRobot Corp.
(NASDAQ: IRBT), a leader in consumer robots, today announced it has
named Jeffrey Engel as President
& Chief Operating Officer (COO). Mr. Engel holds more than 30
years of executive and advisory experience, most recently serving
as the company's Chief Restructuring Officer. As iRobot's President
& COO, Mr. Engel will oversee daily operations and be
responsible for the company's ongoing restructuring, research and
development, operations and supply chain, and product management.
He will report directly to Gary
Cohen, iRobot CEO.
"Jeff is a highly accomplished executive with a unique set of
skills and experiences that have allowed him to excel at leading
organizations through change and turning companies around," said
Gary Cohen, iRobot CEO. "Since
joining iRobot as Chief Restructuring Officer earlier this year,
Jeff has not only played a pivotal role in defining and executing
on the company's operational restructuring plan, but he has also
stepped in to successfully lead our manufacturing, supply chain and
engineering organizations. His experience as a turnaround leader
and business architect is proven, and we are confident that with
his leadership as President and COO, the company will continue
progressing on its strategic initiatives and return to profitable
growth."
"Since joining iRobot, I have been inspired by the commitment
set forth by the organization to returning to growth and
capitalizing on the many opportunities that exist in both the
near-term and long-term," said Jeff
Engel, President and COO at iRobot. "I am honored to take on
the role of President and COO and look forward to working across
the company to continue innovating, bringing new products to market
and further establishing the strategic direction that will ensure
iRobot is well positioned for the future."
Mr. Engel is a global turnaround and restructuring advisor with
more than 30 years of C-suite and advisory experience leading
successful turnarounds across multiple industries and geographies,
including the Americas, EMEA and APAC. He previously served as
iRobot's Chief Restructuring Officer. Prior to iRobot, Mr. Engel
served as Founder and Managing Director of Pacific Partners
Capital, an advisory firm that helped clients navigate complex and
challenging situations in industrial companies, manufacturing,
consumer products and electronics, automotive and software sectors.
He served as an Executive-in-Residence and Senior Advisor at
AlixPartners, one of the world's leading management consulting and
restructuring firms, frequently assuming interim C-suite positions
to plan and lead business turnarounds. Throughout his career, Mr.
Engel has worked with many of the world's leading PE firms and
investment banks on portfolio company operational challenges,
strategic initiatives and investment decisions. He has held various
C-suite and advisory positions at companies, including Senior
Principal at Kearney, Executive Director and CPO of Americas at
Ford Motor Company, and COO and Board Member of Westpoint Stevens
with Icahn Enterprises. Mr. Engel holds an M.B.A. from the
University of Notre Dame and a B.A. in
Business Administration from the University of
Iowa.
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