Business Insider has joined the wave of mass layoffs in the media space, announcing it will cut 8% of its workforce to “refocus” the company.
CEO Barbara Penn broke the news in a memo to employees Thursday, calling the move “disappointing.”
“We have already begun to refocus our team and invest in areas that deliver outsized value to our core audience,” Penn wrote in the article. statementobtained by variety. “Unfortunately, this also means we have to downsize some areas of our organization.”
Business Insider CEO Barbara Peng announced in an internal email this morning that the company will lay off 8% of its workforce. pic.twitter.com/VY6HIt7ktc
— Maxwelltani (@maxwelltani) January 25, 2024
The layoffs come after Business Insider officials told employees in April 2023 that the company would lay off 10% of its workforce.
“We are saying goodbye to our incredible colleagues who helped make Business Insider what it is today,” Peng continued. “We deeply appreciate and appreciate their passion, energy and teamwork.”
Insider Union announced that 22 of its members and “many of their non-union colleagues” had been fired.
“The timing of today's announcement, less than a month after the layoff moratorium expired, makes it clear that management is eager to lay off more of us.” said Emma Legault, Unit Chair of the Insider Union and senior copy editor at Business Insider. .
Peng said former employees will receive at least 13 weeks of pay and medical insurance until May.
“The company will also offer career support services such as coaching sessions, resume reviews, networking, interviewing, and negotiation training.” variety.
