Subsequent events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent events

Subsequent events

On January 9, 2023, the Company announced that Gregg Coccari will retire from his position as Chief Executive Officer (“CEO”) and Chairman of the Board, effective February 28, 2023. On the same date, Gregory Brown, the current President of Udemy Business, will be appointed as the new Company President and CEO. The Company's Lead Independent Director, Jeff Lieberman, will be appointed Interim Chairman of the Board upon Mr. Coccari's departure. In connection with his retirement, Mr. Coccari entered into a consulting agreement with the Company in which he will provide transitional advisory advice and other assistance on an as-needed basis through February 28, 2024. As compensation for the consulting services, Mr. Coccari’s existing equity incentive awards will continue to vest during the term of the agreement.

On February 13, 2023, the Company communicated to its employees that in response to current macroeconomic conditions and to further streamline its operations and cost structure, it would reduce its global workforce by approximately 10%. As a result, the Company expects to recognize restructuring charges of $9.0 million to $11.0 million in the first quarter of 2023, primarily consisting of personnel expenses such as salaries and wages, one-time severance payments, and other benefits. Cash payments related to these expenses will occur primarily in the first and second quarters of 2023. Also included in the indicated range is an immaterial amount of stock-based compensation expense that will be recognized in the first quarter of 2023 as a result of modifications to allow vesting of certain stock-based awards held by impacted personnel.