- After almost 27 years in the position
- Praise and thanks for Angle
- Glen Weinstein taking over temporarily
- Search for a successor
- Angle spoke at length and said 166 words
(exechange) — Bedford, Massachusetts, January 29, 2024 — Colin Angle, chief executive of IRobot, leaves his position — as “mutually decided.” As announced by IRobot Corp. in a news release and in a regulatory filing published on Monday, January 29, 2024, Colin M. Angle has left his post as chief executive officer at the consumer robot company, after almost 27 years in the role, effective January 28, 2024.
It is the end of an era.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
IRobot will undertake a search for a successor.
Colin Angle’s duties as CEO will be taken over temporarily by Glen D. Weinstein, most recently Chief Legal Officer at IRobot Corp., as Interim Chief Executive Officer.
Colin Angle’s move coincides with a management shake-up also involving the position of Chief Restructuring Officer.
“A new leader with turnaround experience”
The management change is explained as follows. Angle stated: “Given the nature of the challenges facing the Company, the Board and I have mutually decided that iRobot will be better served by a new leader with turnaround experience.”
Precise information regarding Colin Angle’s future plans was not immediately available.
IRobot said: “Concurrent with the implementation of its operational restructuring plan, the Company today also announced a leadership transition whereby Colin Angle, Chairman of the Board of Directors and CEO, has stepped down as Chairman and CEO.”
IRobot further said: “On January 28, 2024, Colin Angle stepped down as Chief Executive Officer and chairman of the Board of Directors of the Company (“Board”). Mr. Angle also informed the Board that he will not stand for re-election to the Board when his term expires at the Company’s upcoming 2024 annual meeting of stockholders.”
Share price decline since January 2023
The announcement follows a decline in IRobot Corp.’s share price of 65% since January 2023.
In the position of CEO since 1997
Colin Angle became CEO of the Company in 1997.
Colin Angle has stepped down as Chairman of the Board and CEO.
Angle will continue to serve on the iRobot Board of Directors until his current term expires in May 2024, and has agreed to remain with the Company as a senior advisor for up to 12 months, to ensure a smooth transition.
Colin Angle, a co-founder of iRobot, has served as chairman of the board since October 2008, as chief executive officer since June 1997, and prior to that, as the Company’s president since November 1992.
He has served as a director since October 1992.
Angle previously worked at the National Aeronautical and Space Administration’s Jet Propulsion Laboratory, where he participated in the design of the behavior controlled rovers that led to Sojourner exploring Mars in 1997.
He is a director of Ixcela, Inc., a private company.
Angle holds a B.S. in Electrical Engineering and an M.S. in Computer Science, both from the Massachusetts Institute of Technology (“MIT”).
166 words by Colin Angle
In the release announcing his departure as CEO of IRobot Corp., Colin Angle received praise and thanks.
In announcing his departure, Colin Angle spoke at length and said 166 words.
“A lot of work to do”
Colin Angle stated: “When I founded iRobot more than three decades ago, having more than 50 million of our products in homes worldwide was beyond my wildest imagination. I am incredibly proud of what our team has accomplished over the years. From the development of the first Roomba in 2002 to our latest generation, they have been relentless in building and delivering new and iconic ways for consumers to clean and live. At the same time, I know there is a lot of work to do to map iRobot’s next chapter. Given the nature of the challenges facing the Company, the Board and I have mutually decided that iRobot will be better served by a new leader with turnaround experience. I would like to sincerely thank our team members around the world for their commitment to our mission of helping people do more. I know iRobot has the talent and passion to succeed in continuing to build the world’s most thoughtful and intelligent home innovations for years to come.”
Push-out Score for Colin Angle’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Colin Angle’s move on a scale of 0 to 10.
Read the full story in the exechange report 6.2024 ($).