Forbes CEO Federle on layoffs: We need to shift resources

Forbes Media CEO Mike Federle sent out the following on Thursday afternoon:

Hi everyone –

Over the past few years, we’ve continued to find ways to diversify our business and revenue streams, and we’ve seen significant growth as a result. As we continue to position ourselves to fully align with our 2024 business strategy, we have had to reprioritize some resources so that our organization can meet those goals.

These changes have resulted in the difficult decision to reduce staff in certain areas. Earlier today, we communicated this to your colleagues who are affected by these changes. This represents less than 3% of our overall employee population.

While our growth strategy is on track and our business continues to perform well, we must remain vigilant in our current economic environment. We’re not immune to the market challenges, and in order to continue down this path, it’s inevitable that we have to make hard decisions every so often. I don’t say this to minimize the effect. I wish our affected colleagues well in their future.

I would like to thank everyone again for your continued dedication and hard work, and I look forward to further discussing our strategy and where we’re going during our next Town Hall meeting in February.

Mike

Forbes says the staff reduction was not related to its talks with the union or its unforeseen walkout.