Robotic cleaning appliance specialist iRobot Corp named corporate restructuring veteran Jeffrey Engel president and COO.
Engel’s appointment comes as iRobot Corp., maker of Roomba and Braava robotic floor cleaners, announced a 29% year-over-year decline in revenue and a 4.5% year-over-year improvement in non-GAAP operating loss for its second quarter, during which the company continued to execute its “iRobot Elevate” turnaround plan.
Engel (pictured above) has more than 30 years of executive and advisory experience, most recently serving as iRobot’s chief restructuring officer. Engel, reporting to iRobot CEO Gary Cohen, will oversee daily operations and be responsible for the company’s ongoing restructuring, research and development, operations and supply chain and product management.
“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,” Cohen said.
Engel said, “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.”
Prior to joining iRobot, Engel served as founder and managing director of Pacific Partners Capital, and he was executive-in-residence and senior advisor at AlixPartners,a management consulting and restructuring firm. Engel has held various C-suite and advisory positions at companies, including Kearney, Ford Motor Company and Westpoint Stevens.
Meanwhile, iRobot announced net revenues in its second quarter of $166.4 million, compared to $236.6 million in the year-earlier quarter. The company posted a non-GAAP operating loss of $48.2 million in the current quarter, compared to a non-GAAP operating loss of $50.5 million in the year-earlier period.
“In the second quarter, we made significant progress, specifically in lowering the Company’s cost structure through aggressive restructuring efforts, Cohen said. “As part of our iRobot Elevate strategy, we strengthened our balance sheet, narrowed our operating loss, decreased headcount and substantially reduced inventory. Without a non-recurring charge related to the write-off of excess component inventory and the losses on non-cancelable purchase commitments as part of the transition to our new product development paradigm with our contract manufacturers, we would have met our Q2 improvement targets for gross margin, operating loss and net loss per share.”
Cohen noted that iRobot recently introduced what the company describes as its most advanced robot vacuum and mop: the Roomba Combo 10 Max Robot + AutoWash Dock.
