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Our Co-Founders and Co-CEOs, Andy Katz-Mayfield and Jeff Raider, emailed this announcement to Harry’s Inc. team members on May 21st, 2024.

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Hi Team,

Over the past two years, we’ve been focused on transitioning Harry’s, Inc. from a high-growth company to one that can consistently and sustainably deliver both growth and profitability. We’ve sharpened our strategic focus, prioritizing areas that enable us to “Do Big Better” (and deprioritizing areas that don’t). As a result, we’ve made a tremendous amount of progress: we grew 30% last year and we’re healthily profitable, all while continuing to create things people like more.

With that said, strategy is an ongoing process and if we want to continue to deliver growth and increased profitability across every business unit, we need to continue to make strategic trade offs. 

As part of a recent intensive strategic planning process, we’ve made the difficult yet necessary decision to restructure our organization and reduce the size of our global team by ~10%. These reductions are based on the strategic choices we are making as a company: some teams will see no reductions, while others will be significantly impacted. 

We recognize that a decision like this has a huge impact on our team. Each and every one of you has played a meaningful role building Harry’s, which makes this difficult. We are sad to say goodbye to talented teammates. 

First and foremost, we’re focused on ensuring those who are impacted are prioritized and cared for, so here’s what will happen next:

  • In the US and Canada, within the next 30 minutes, every employee will receive an individual email letting them know whether or not their role has been impacted.
  • If your role has been impacted, the email will contain important details about your transition. You’ll also receive an invitation for a 2:1 conversation with your department leader and a People team member to go through the details and answer any questions if you would like to do so. You’ll have the option to opt out of this conversation if you prefer.
  • In the UK, due to local labor laws and practices, the proposed restructuring process will be different. Teams in the UK will begin these conversations today and they will embark on a separate process on a different timeline.
  • For everyone: Our NYC office and NJ labs will be closed today, so please plan to work from home. 

We realize there’s no perfect way to share information like this, but we are optimizing for everyone hearing the news directly from us and understanding any individual impacts to their roles, as soon as possible. 

Supporting Our Departing Team Members

We are doing everything we can to support our impacted team members, and provide as smooth of a transition as possible. Our goal is to get everyone who has been impacted the detailed information they need as soon as possible, and offer additional time to check-in with their department leader and People team should they choose. Departing US team members will be offered the following as part of their transition:

  • A minimum of 3 months of salary and up to 5 months of salary depending on tenure, including the equivalent cost of benefits covered by Harry’s Inc.;
  • A removal of the 1 year equity cliff for anyone who has not reached it as of the last day of their employment; 
  • Acceleration of time-vesting of equity to the July 1st vesting date; 
  • Opt-in support with networking and job-opportunity sharing;
  • For those on a sponsored work visa, personalized immigration support and extended transition support; 
  • Retention of company-issued laptop

We will support departing employees in the UK and Canada with the offer of tenure-based severance packages, following local statutory guidance. 

To our departing team members, we want to sincerely thank each of you for your contributions, not only to the business, our brands, and our customers, but to the culture and community we’ve built together. 

Our Future and What Happens Next

Our focus for today is supporting our departing team members and ensuring they have the information they need to support their transition.

For those who are taking the company forward, we’ll reconvene tomorrow morning for our Team Meeting, where we’ll dive more deeply into our go-forward strategy. We will see you then in person and over Zoom. Details will be updated on your calendars.

While this is a difficult moment for our team, these decisions will ensure our business and brands will continue to grow and have lasting impact for years to come. As we enter this next chapter of our company’s history, we are energized by the opportunities ahead of us, and looking forward to continuing to create things people like more.  

Andy and Jeff