$1.5 billion ZipRecruiter just laid off hundreds only days after the CEO told employees the business wasn’t impacted by the coronavirus
- Online job-hub company ZipRecruiter laid off 443 employees and furloughed dozens on Friday, just a few days after the CEO said in an all-hands meeting that the company was on track to hit its second-quarter revenue goals and wouldn’t be affected by the coronavirus.
- The cuts hit across departments, including engineering and about two-thirds of the enterprise team, which works with big clients. Executives impacted included the chief marketing officer.
- ZipRecruiter last raised $156 million in an October 2018 Series B funding round led by Wellington Management and IVP that valued the company at $1.5 billion.
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ZipRecruiter CEO Ian Siegel had a reassuring message for the company’s roughly 1,300 employees at a virtual all-hands meeting last Monday: the business was safe.
The Santa Monica, California-based job search engine would not be affected by the coronavirus, and the company was on track to meet its second quarter revenue goals, so it wouldn’t take any drastic measures, Siegel had said, according to two employees who were present at the meeting.
On Friday, ZipRecruiter’s human resources team sent out an invitation to another webinar with the CEO. In that meeting, Siegel spoke for less than 10 minutes, …continued .
[Source: Business Insider]