Enviva layoffs, on the record
Every job cut, severance charge and restructuring Enviva reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from 1,196 to 1,234.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | 1,196 | December 31, 2021 |
| 10-K for 2022 | 1,386 | December 31, 2022 |
| 10-K for 2023 | 1,234 | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryThe filing describes employment agreements with the named executive officers that provide severance pay and accelerated equity vesting on certain terminations, including after a change in control. It does not report a workforce reduction or layoff.
Word for word“Each of our NEOs is party to an employment agreement with us that provides for severance compensation or accelerated vesting of equity awards in the event of certain terminations of employment, including in connection with a change in control.” 10-K for 2021
Our summaryFormer executive Mr. Keppler separated from the company under a separation agreement, which included a $3.8 million severance payment paid over 36 installments and accelerated vesting of equity awards.
Word for word“The separation agreement included: (1) the bonus he would have been entitled to for the year ended December 31, 2022, pro-rated based on 2022 service through November 14, 2022, and paid with respect to targeted individual performance of Mr. Keppler and actual performance of the Company at the same time bonuses are paid to executives generally during the first quarter of 2023, (2) a severance payment of $3.8 million, paid in 36 equal installments, (3) accelerated vesting of unvested time-based Enviva Inc. Long-Term Incentive Plans (the "LTIPs"), occurring during the first quarter of 2023, and (4) vesting of unvested performance-based LTIPs, occurring during the first quarter of 2023.” 10-K for 2022
Our summaryThe company recognized executive separation expense for the year ended December 31, 2022.
Word for word“For the year ended December 31, 2022, we recognized $ 7.6 million as executive separation.” 10-K for 2022
Our summaryThe company carried out a restructuring plan in the second quarter of 2023 that cut its workforce and corporate expenses, separate from its Chapter 11 restructuring.
Word for word“During the second quarter of 2023, we implemented a restructuring plan, separate and apart from our restructuring efforts in connection with the RSA and Bond MS RSA, to optimize future growth and profitability.” 10-K for 2023
Our summaryThe company first cut certain leadership employees, then finished a broader workforce reduction later in 2023.
Word for word“We completed a broader reduction in force during the third quarter of 2023.” 10-K for 2023
Our summaryThe company reported total 2023 restructuring and related expenses, including cash severance, equity compensation, accelerated depreciation and a lease impairment.
Word for word“During the year ended December 31, 2023, total restructuring and related expenses, separate and apart from our restructuring efforts in connection with the RSA and Bond MS RSA, were $19.8 million and consisted of $6.6 million of cash-based employee severance expenses, $11.8 million of non-cash equity-based compensation, $1.2 million of accelerated leasehold improvement depreciation, and $0.2 million impairment of right-of-use assets related to an office lease.” 10-K for 2023
Our summaryThe company and its subsidiaries filed Chapter 11 cases and signed restructuring support agreements to reorganize its debt.
Word for word“These efforts led to the execution of the RSAs and the commencement of the Chapter 11 Cases on March 12, 2024.” 10-K for 2023
| Fiscal year ended | Severance costs |
|---|---|
| 2023-12-31 | $6.6 million |
Enviva has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Enviva’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-10-03. 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.