On March 28, 2022 (the Effective Date"), Latch, Inc. (the Company") and Garth Mitchell Treasurer, reached an agreement to enable Mr. Mitchell to transition out of the Company to pursue other opportunities, with Mr. Mitchell's last date of employment being May 10, 2022. Mr. Mitchell has agreed to serve the Company in an advisory capacity through August 5, 2022. On March 28, 2022, the Board of Directors of the Company (the Board") appointed Mr. Schaeffer to serve as
Interim Chief Financial Officer and Treasurer of the Company, effective as of March 28, 2022. In such role, Mr. Schaeffer will serve as the Company's principal financial officer. Mr. Schaeffer joined the Company as Senior Vice President, Finance in August 2021. In such role, Mr. Schaeffer has led the FP&A and operations finance teams. In these capacities, he has been responsible for all
financial planning, partnering with IR on guidance, metrics and KPI reporting, and driving operational excellence into the Company's software and hardware business lines. On March 28, 2022, the Board appointed Junji Nakamura to serve as Chief Accounting Officer of the Company,
effective as of March 28, 2022. In such role, Mr. Nakamura will serve as the Company's principal accounting officer. Mr. Mitchell had previously served as the Company's principal accounting officer and worked closely with Mr. Nakamura in that capacity. Mr. Nakamura, joined the Company in April 2020 as Vice President, Corporate Controller and was promoted to Senior Vice President, Corporate Controller in July 2021. In such role, Mr. Nakamura has been responsible for the Company's accounting operations, shared services, tax, SEC reporting and Sarbanes-Oxley compliance, including playing a critical role in the Company's 2021 business combination and its transition to a publicly traded company. On March 28, 2022, the Company and Ali Hussain, Chief Operating Officer, reached an understanding that Mr. Hussain would cease to serve as the Company's principal operating officer and as an executive officer" of the Company under Rule 3b-7 of the Securities Exchange Act of 1934, as amended (the Exchange Act"), to enable him to
focus his efforts on special projects, strategic initiatives, M&A integration and long-term planning. Mr. Hussain will remain employed with the Company and retain his title as Chief Operating Officer. Luke Schoenfelder, the Company's Chief Executive Officer and Chairman of the Board, will assume Mr. Hussain's prior duties and serve as the Company's principal operating officer.
Latch, Inc. is an enterprise software-as-a-service (SaaS) provider. The Company is a full-building operating system of software, products, and services that allows buildings to evolve to meet the demands of residents, tenants, staff, and visitors. Its products include Latch App, LatchID, OpenKit, Latch Lens, Latch Hub, Latch T, Link, Intercom, Latch R, Latch M, Latch C2, Camera, Latch Water Sensor, and Latch Concierge Pro. It helps the real estate operators in managing each of their spaces by introducing its new Web-based tool, Mission Control. It also uses Concierge, which helps real estate operators get automated guest and delivery management, tools for amenity optimization and monetization, and a tool to remotely augment their building staff. The Company also enables residential service providers, such as housekeepers, dog walkers, and drivers, to operate independently through technology.
LATCH, INC. 