DJO Finance layoffs, on the record
Every job cut, severance charge and restructuring DJO Finance reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 5,260 to approximately 4,420.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 5,260 | December 31, 2015 |
| 10-K for 2016 | approximately 4,980 | December 31, 2016 |
| 10-K for 2017 | approximately 4,420 | December 31, 2017 |
Job cuts, severance and restructuring
Our summaryCeased production, selling and billing operations of the Empi product line in the fourth quarter of 2015, recording a loss mainly from asset impairment, Empi operations, and severance and other termination costs.
Word for word“During the fourth quarter of 2015, we ceased production, selling and billing operations of our Empi product line.” 10-K for 2015
Our summaryRecorded SG&A integration charges tied to ongoing restructuring activities, including commercial and global business unit reorganization and integration costs.
Word for word“Our SG&A expenses are impacted by significant non-recurring integration charges and other adjustments related to our ongoing restructuring activities and acquisitions.” 10-K for 2015
Our summaryAnnounced a business transformation initiative with productivity and cost reduction projects that may result in restructuring and asset impairment charges.
Word for word“Business—Business Transformation Initiative,” in March 2017 we announced that we have embarked on a series of business transformation projects focused on delivering productivity improvements and reducing costs.” 10-K for 2016
Our summaryFormer CEO Mike Mogul retired under a Retirement Agreement and was paid a severance payment including 1.5 times his target annual bonus for 2016.
Word for word“Pursuant to his Retirement Agreement, dated November 14, 2016, he was paid a severance payment which included 1.5 times his target annual bonus payment for 2016.” 10-K for 2016
Our summaryFormer executive Mr. Roberts retired and his employment ended; he received a new severance agreement with a lump sum payment.
Word for word“Roberts’ retirement and the termination of his employment in May 2016, DJO and Mr. Roberts entered into a new Severance Agreement and Amendment to Stock Option Agreements which superseded the Severance Protection Agreement and which provided for a lump sum payment to Mr. Roberts of $500,000 within ten business days after the effective date of the agreement.” 10-K for 2016
Our summaryExecutive Ms. Wolfington's employment was separated under a Separation Agreement with severance payments and benefits.
Word for word“The Separation Agreement provided for (a) payment to Ms. Wolfington of $551,465.21, representing 12 months of base salary and full target bonus, payable in equal installments over 12 months, (b) a bonus payment of $25,000, (c) Company-paid COBRA benefits for the lesser of 12 months or the date she receives comparable coverage from another employer, and (d) a $7,500 payment for outplacement services.” 10-K for 2016
Our summaryThe company announced a series of business transformation projects aimed at improving productivity and cutting costs, which may lead to restructuring and asset impairment charges.
Word for word“Business—Business Transformation Initiative,” in March 2017 we announced that we had embarked on a series of business transformation projects focused on delivering productivity improvements and reducing costs.” 10-K for 2017
Our summaryThe company recorded restructuring and reorganization charges tied to its business transformation projects, with the largest amount in 2017.
Word for word“(b) Non-recurring and integration charges are comprised of the following: Year Ended December 31, (in thousands) 2017 2016 2015 Restructuring and reorganization (1) $ 58,775 $ 16,838 $ 12,843 Acquisition related expenses and integration (2) 2,106 10,350 8,635 Executive transition (49 ) 4,856 — Litigation and regulatory costs and settlements, net (3) 7,738 16,562 8,864 IT automation projects 693 69 3,634 Total non-recurring and integration charges $ 69,263 $ 48,675 $ 33,976 (1) Consists of costs related to the Company’s business transformation projects to improve the Company’s liquidity and profitability and to improve the Company’s customer’s experiences.” 10-K for 2017
DJO Finance filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from DJO Finance’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2018-03-16. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.