Annual report pursuant to Section 13 and 15(d)

Severance and Restructuring Costs

v3.23.1
Severance and Restructuring Costs
12 Months Ended
Jan. 31, 2023
Restructuring and Related Activities [Abstract]  
Severance and Restructuring Costs
6.
Severance and Restructuring Costs

On August 3, 2022, the Company's previous Chief Financial Officer ("CFO") resigned (the “Resignation”) as the Executive Vice President, Chief Financial Officer and Treasurer of the Company. The previous CFO remained with the Company until September 30, 2022, to assist with the transition pursuant to the Employee Transition Separation Agreement and General Release signed on August 24, 2022 (the “Release Agreement). Total severance costs incurred during the year ended January 31, 2023 related to the Resignation was $0.4 million, primarily consisting of a salary continuation and bonus for remaining with the Company during August and September 2022. Remaining cash payments under the Resignation total $0.2 million as of January 31, 2023. In addition, the Company provided COBRA benefits for the previous CFO until he became eligible for benefits at a new employer in the fourth quarter of fiscal year 2023, and the Release Agreement included accelerated vesting of the remaining final tranche of 4,762 RSUs from his RSU grant dated May 26, 2020.

Following the Resignation, on August 3, 2022, the Board appointed an individual in the role of Senior Vice President, Chief Financial Officer and Treasurer of the Company. Subsequently, on January 23, 2023, the Company terminated the former CFO (the "Termination") from the position of Senior Vice President, Chief Financial Officer, and Treasurer of the Company and appointed Mark Szynkowski immediately for these same positions. There were $0.1 million in severance costs related to the Termination, which was included in accrued expenses on the consolidated balance sheet at January 31, 2023.

During the fiscal year ended January 31, 2023, the Company incurred total severance costs of $0.5 million and restructuring costs of $0.1 million, primarily for the employee-related termination benefits noted above. During the fiscal year ended January 31, 2022, the Company incurred total severance costs of $0.2 million and restructuring costs of $0.5 million.