Learning to sleep implements organizational changes and savings

The digital sleep clinic Learning 2 Sleep L2S AB (publ) is setting up a comprehensive savings plan that also includes the current CEO Michael Gustafsson and founder Pierre Boye leave their position in the company as of August 31. The new CEO of September 1st will be the current operational director of the company, Lina Johansson.

During the summer, the digital sleep clinic Learning 2 Sleep L2S AB (publ) has drawn up a savings plan to reduce the company’s mass costs, with the aim of achieving cash flow neutrality as soon as possible. The savings package mainly includes organizational changes, but also external cost reduction in non-core development, consulting services and, to some extent, marketing. The following changes will be implemented in August and September:

  • Current CEO Michael Gustafsson leaves his position but will continue to work with the company as a consultant
  • The founder of the company Pierre Boye leaves his position but continues to work for the company as a consultant
  • Non-essential development work is on hold until the company is financially stronger
  • Going forward, the company is focused on more moderate growth in the Swedish market with the aim of achieving positive cash flow and long-term profitability.
  • Larger and more expensive projects are put on hold until the company is cash flow positive
  • The company will continue ongoing discussions with potential new partners/channels, provided these are deemed to generate revenue in the near term.

“The development of the capital market, where growing companies currently have great difficulty in finding capital, made us realize that we needed a revised plan with a strong focus on cash flow and profitability. The board therefore mandated the CEO to develop such a plan and Micael then presented the plan we are currently implementing.We are also very pleased that our operational manager – Lina Johanssson – has accepted the offer to take over as CEO, she has extensive experience in the business and the board is confident that she will be able to take the business to the next level,” says Michael HermanssonChairman of the Board of Directors Learning 2 Sleep L2S AB.

Aubrey L. Morgan