Business Insider has joined the trend of mass layoffs in the media sphere, announcing that eight percent of its workforce will be cut to “refocus” the company.
CEO Barbara Peng spilled the news in a Thursday memo to staffers, calling the move “unfortunate.”
“We have already begun to refocus teams and invest in areas that drive outsize value for our core audience,” Peng wrote in the statement, obtained by Variety. “Unfortunately, this also means we need to scale back in some areas of our organization.”
In an internal email this morning, Business Insider CEO Barbara Peng announced that the company is laying off 8% of its staff pic.twitter.com/VY6HIt7ktc
— Max Tani (@maxwelltani) January 25, 2024
The staff cuts come after Business Insider officials told employees in April 2023 that ten percent of the workforce would be laid off.
“We’re saying goodbye to wonderful colleagues who have helped build Business Insider into what it is today,” Peng continued. “We are deeply grateful for their passion, energy, and teamwork, and we appreciate them.”
The Insider Union said that 22 of its members, along with “many of our non-union colleagues,” were laid off.
“From the timing of today’s announcement — not even a month after our layoff moratorium expired — it’s clear that management has been eager to lay more of us off,” said Emma LeGault, unit chair for Insider Union and a senior copy editor for Business Insider.
Peng said that former employees will receive a minimum of 13 weeks’ pay and medical coverage through May.
“The company also will offer career support services, including coaching sessions, resume review, and training on networking, interviewing, and negotiations,” reported Variety.
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