Li-Cycle Cuts 17% of Staff to ‘Recalibrate’ Organizational Structure

Li-Cycle is eliminating approximately 17 per cent of its workforce, including three senior executives, as part of a company-wide restructuring.

What’s happening at Li-Cycle?

In a recent news release, the Toronto-based battery recycler claimed that the job cuts are part of its “Cash Preservation Plan.”

“We are recalibrating our organizational structure to better align with the more focused priorities of Li-Cycle,” CEO Ajay Kochhar said in the release.

“We believe that a centralized model, and the consolidation of our operational and commercial teams, will increase efficiencies and facilitate cross-functional partnerships to enhance our planning process and ability to execute on our short- and long-term objectives.”

A total of 60 positions are expected to be axed.

The company is anticipating a restructuring charge of approximately $8.3 million, with the majority of the costs connected to “cash severance payments” over the next 12 months.

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Impact on Canadian staff

It remains unclear if any Canadian jobs at Li-Cycle are on the chopping block.

According to the company’s LinkedIn page, it has more than 100 workers in the country.

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