Casper Sleep to lay off corporate workers, CFO departs less than three months after IPO

Casper Sleep Inc. , which entered the public markets in February, announced Tuesday afternoon that it would lay off more than 20% of its corporate workforce and shut down European operations, adding that its chief financial officer -- who also operates as chief operating officer -- is leaving the company. "The company's European operations are expected to wind down largely by the end of 2020," Casper disclosed in a news release. "In total, these actions will impact approximately 78 employees, comprising about 21% of its corporate workforce globally, and result in more than $10 million in annualized savings, and are part of the company's overall focus on achieving profitability." Greg Macfarlane, who had served as CFO and COO for the company, is departing on May 15 "in order to assume a senior executive role outside of the sleep industry," the company said. Casper has hired former Iron Mountain Inc. CFO Stuart Brown as interim CFO, while president and chief commercial officer Emilie Arel will assume leadership of operations while a successor is sought. Casper said that its first-quarter results are expected to be in line with revenue and adjusted Ebitda forecasts shared in its previous earnings report. Shares bounced around in after-hours trading following the announcement.

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