Skullcandy (SKUL) is undergoing quite a bit of adjustment in its corporate offices. Its CFO, Kyle Wescoat, has resigned to "pursue other opportunities" in his home region of Southern California. The company said it has launched a search for a successor; Wescoat will stay on through September or so while Skullcandy hunts for a replacement.
Meanwhile, the company has announced a reorganization of its business. It will relocate its marketing, creative, business development, and legal departments to its corporate HQ in Park City, Utah. Also making the move will be a number of employees working in sales and international positions. The satellite office in San Clemente, Calif., currently home to many of these functions and workers, will be closed.
Skullcandy said it will start to effect these moves during the summer and complete them by early autumn. It anticipates having to take a pre-tax charge of $3.0 million to $3.8 million related to the activity. An estimated $500,000 to $1 million of that amount should be incurred in the company's Q2.
