06:25 PM EDT, 03/26/2024 (MT Newswires) -- Li-Cycle Holdings ( LICY ) said late Tuesday it plans to cut 60 jobs, or 17% of its global workforce, and incur a $8.3 million charge, while shifting to a centralized management structure, including key executive appointments.

The job cuts will likely generate about $10 million in annualized payroll and benefit cost savings, the company said.

Craig Cunningham was named interim chief financial officer, effective immediately, replacing Debbie Simpson, who is leaving to pursue new opportunities, the company said.

Conor Spollen, who has been with the company since January 2022, was named chief operating officer as part of the organizational structural changes, the company said. Dawei Li, who has been with Li-Cycle ( LICY ) since July 2021, was named to the new job of chief commercial officer.

Executive Chair Tim Johnston will transition to interim non-executive chair, the company said.

Richard Storrie will depart as regional president, Europe, Middle East and Africa, to pursue other opportunities, the company said.

The new structure, a shift from a regional model, will "better position the company for future success and increased efficiencies," according to a statement.

Li-Cycle ( LICY ) said late Monday an affiliate of Glencore has completed a $75 million investment in the company through the purchase of a senior secured convertible note.

"Considering Glencore's nomination rights associated with the recently closed strategic financing, the nominating and corporate governance committee of the board will be considering changes to [the] board and committee composition, expected to be made immediately" after the annual general meeting in May, according to Li-Cycle's ( LICY ) statement Tuesday. "It is expected that these changes will include identifying an independent board chair."

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