Business Insider CEO Barbara Peng sent out the following on Thursday morning:
Team,
At the end of 2023, we announced our way ahead: We’re Business Insider, our center of gravity is business, tech, and innovation, and we’re for people who are optimistic, driven, and always looking forward.
We closed out last year with a plan in place, a clear target audience, and a vision. This year is about making it happen and focusing our company and efforts towards this future. We have already begun to refocus teams and invest in areas that drive outsize value for our core audience. Unfortunately, this also means we need to scale back in some areas of our organization.
As part of this new direction, today we are announcing we are reducing the size of our team — a change that impacts about 8% of our people. We’re saying goodbye to wonderful colleagues who have helped build Business Insider into what it is today. We are deeply grateful for their passion, energy, and teamwork, and we appreciate them.
Our primary focus is providing our impacted colleagues with clarity and support.
If your role is impacted, you will receive an email in the next 15 minutes. The email will include details for a meeting today in which a senior leader and a member of our People & Culture team will walk you through next steps and answer any questions. You will only receive an email if your role is affected.
Those leaving today will receive a minimum of 13 weeks pay and medical coverage through May. We will also offer career support services including 1:1 coaching sessions, resume review, and training on networking, interviewing, and negotiations.
We will hold an all-hands call at 11:30 AM ET to share a bit more about the changes. Additionally, our executives will be hosting team meetings today and tomorrow to answer your questions.
Thank you all for supporting each other through this. We’re committed to building an enduring and sustainable Business Insider for the coming years and beyond. We’ll continue to work to serve our audience, create great experiences for them, and deliver stories that improve their lives and the world.
Thank you,
Barbara.
