iRobot appoints Gary Cohen as CEO, provides optimistic 2024 forecast

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(Reuters) – iRobot appointed Gary Cohen as chief executive officer on Tuesday to head the robot vacuum maker’s turnaround efforts.

Shares of the Bedford, Massachusetts-based company rose more than 4% in extended trading as it separately forecast annual revenue above estimates.

The company expects 2024 revenue with a midpoint of $837.5 million while four analysts polled by LSEG expect $829.8 million.

Roomba-parent iRobot also beat revenue estimates for the first quarter, during which analysts had expected much of the company’s restructuring efforts to take place.

Founder Colin Angle had stepped down as CEO in January, saying that the company might be better served by a new leader with turnaround experience.

Cohen’s appointment is effective immediately. He has previously served as the CEO of Qualitor Automotive, which provides wiper blades and other auto accessories to customers, and as the chief executive of Timex.

“Our plan is designed to stabilize the business in the current market environment,” said Glen Weinstein, who served as iRobot’s interim CEO until Cohen’s appointment.

Weinstein will stay on with the company for 60 days to assist with the leadership transition.

The cash-strapped company has been reeling from the collapse of its $1.4 billion sale to Amazon.

(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Alan Barona)