In May 2024, (NASDAQ: IRBT) announced that it had a new CEO. But this isn't any old shift in the top brass, because it's yet another plot twist in a much bigger story.

The next chapter for iRobot, now under the leadership of CEO Gary Cohen, is going to be vitally important to the company's survival. Here's what you need to know and why Cohen has so much work ahead of him.

Amazon (NASDAQ: AMZN) announced its intention to buy iRobot in August 2022. As the deal progressed, iRobot made several adjustments in preparation for the takeover, including a series of large layoffs before the end of 2022. Its devices group was particularly hard hit by this trimming including a loss of the devices group's leader. But in January 2024, Amazon effectively got cold feet before it could finalize its acquisition, calling off a merger largely because it faced a tough regulatory approval process.

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Source Fool.com