By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Park City, Utah — Skullcandy announced Kyle Wescoat has resigned as chief financial officer, and that the company will be closing its California office and moving operations to its headquarters, here.
Kyle Wescoat, who was brought on as CFO from Vizio last fall, has resigned “in order to pursue opportunities closer to his home in Southern California,” a company statement said.
Wescoat will stay with the company until September.
Skullcandy also announced it is relocating its marketing, creative, business development and legal departments, as well as certain sales and international personnel, to its Park City headquarters starting this summer. Its office in San Clemente, Calif., which housed 30 employees, will be closed.
The majority of these workers will be given the opportunity to relocate with the company's assistance and continue working in the Park City office, Skullcandy said.
The company expects to record an associated pretax restructuring charge in the range of $3 million to $3.8 million, of which $500 thousand to $1 million is estimated to be incurred in the second quarter of 2013.
In the statement, president and CEO Hoby Darling, who joined Skullcandy in March, said the restructuring “will allow us to better focus our go-to-market process and ensure that our products, messaging and distribution are aligned with our target consumer … It will also enhance our ability to attract top talent and build an even stronger culture, as we look to be one of the most desirable employers in the audio and youth culture segment.”
The company also announced that Sam Paschel, product development and merchandising executive VP, has been promoted to chief commercial officer, a new position. He will be responsible for the operations of both the product and demand creation teams.
Skullcandy announced earlier this year it would be “adjusting its roadmap.”
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