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Dropbox Saves 11% of Global Workforce

Dropbox Inc. Drew Houston, co-founder of Dropbox, is waiting for Dropbox (DBX) to go public on its initial public offering (IPO) on March 23, 2018 at the Nasdaq Market Site in New York, USA.

Lucas Jackson | Reuters

Dropbox is reducing the world’s workforce by about 11%, the company said in an 8K filing announced Wednesday. The company’s stock price fell more than 4.5% in late-night trading.

This move will affect 315 people and will be notified by the end of the business day.

“The steps we’re taking today are painful but necessary,” Dropbox CEO Drew Houston said in an employee memo Wednesday. Dropbox has promised to maintain job security until 2020, but Houston said looking ahead to this year, “it’s clear that we need to make changes to create a healthy and prosperous business for the future.” I did.

According to the company, headcount reductions will help focus on this year’s top priorities, such as evolving Dropbox’s core experience, investing in new products, and driving outstanding operations.

Dropbox in October moved to a standard remote work policy that will take place after the Covid-19 pandemic is over. For employees who need to meet or work with them, the company has announced that it will open Dropbox Studios in San Francisco, Seattle, Austin, Texas and Dublin if it’s safe.

“Recent decisions about new leadership structures and remote work policies have put us on the right track. Now we need to make sure we have the team and the investment in place. For example, the Virtual First policy supports Requires less resources. In our internal environment, we are reducing that investment and relocating those resources to drive an ambitious product roadmap, “said Houston. I will.

Dropbox also announced that Chief Operating Officer Olivia Nottebohm will leave the company on February 5.

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Dropbox Saves 11% of Global Workforce

Source link Dropbox Saves 11% of Global Workforce

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