Latch parts ways with CFO after difficult SPAC debut

As tech combos with blank-check companies sour, Latch’s move matters

Latch CFO Garth Mitchell is leaving the company less than a year after he assumed the role and led the company’s public market debut through a special purpose acquisition vehicle, or SPAC, an accidental e-mail obtained by TechCrunch shows. The executive shakeup is still not showcased on the news portion of Latch’s website, but the company did file with the SEC, as well as release the news via a wire service.

Latch said that, “effective immediately,” Mitchell will be succeeded by Barry Schaeffer, senior vice president of finance at Latch. The executive shakeup continues with COO Ali Hussain, who will maintain his title but step down as “executive officer and principal operating officer.” Junji Nakamura, a senior VP at the company, will also assume a new role as chief accounting officer.

“These changes are an important part of this next phase of our growth,” Luke Schoenfelder, Latch’s CEO and co-founder, said in a statement. “We look forward to continuing to deliver amazing experiences for our customers and increasing value for our shareholders through these changes.” Latch did not immediately respond to a request for comment.

From SPACs attack, to attacks of the SPACs

Latch’s changes come at a crucial moment for many tech companies in the public markets, after share prices fell amid a broader recovery from pandemic-induced valuation highs. TechCrunch has covered this trend since at least December of 2021. The selloff persisted into 2022, leading to a sentiment shift amongst investors regarding the value of technology companies.