GoPro chief out amid re­struc­tur­ing

Daily Freeman (Kingston, NY) - - BUSINESS -

GoPro shares rose af­ter the video cam­era maker said its chief ex­ec­u­tive will re­sign by the end of the year. The com­pany will also go through a re­struc­tur­ing that will see more than 200 jobs elim­i­nated.

San Ma­teo, Cal­i­for­nia-based GoPro made no com­ment on who’d re­place Tony Bates, a for­mer Mi­crosoft ex­ec­u­tive who joined GoPro in 2014.

Last month the loss-mak­ing GoPro pledged to re­turn to profit in 2017 and achieve dou­ble-digit rev­enue growth. GoPro said that the lay­offs and ad­di­tional can­cel­la­tions of open po­si­tions would trim its head­count by 15 per­cent. Most of the $24 mil­lion to $33 mil­lion cost of the re­struc­tur­ing will be taken in GoPro’s fourth quar­ter ac­counts.

In­vestors bid up GoPro’s shares fol­low­ing news of the job cuts and Bates’ de­par­ture. The shares ended up 1.5 per­cent Wed­nes­day at $9.98.

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