OneTrust Layoffs Impact 25% of Workforce as Part of Reorganization
Capital markets sentiment has shifted to a more balanced approach between growth and profitability.
OneTrust has confirmed layoffs impacting 950 employees or about 25% of its workforce as part of a reorganization despite record quarters and increasing customer demand.
OneTrust’s Kabir Barday
That’s according to Kabir Barday, OneTrust’s CEO. The privacy, security and governance provider is based in Atlanta, Georgia.
OneTrust is the latest cybersecurity vendor to announce layoffs. Cybereason and Lacework also recently confirmed layoffs.
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“It is one of the most difficult decisions I’ve had to make as a leader,” Barday said in a blog. “My responsibility is to ensure OneTrust thrives and is positioned for sustained growth, and unfortunately, reducing our headcount and adapting to the capital markets sentiment is what is needed to keep us in our leadership position.”
OneTrust is offering departing employees severance, equity and extended health care packages, he said. It’s also creating a network to support them in their job searches.
In an email sent to employees, Barday acknowledged news of the layoffs is surprising. That’s because employees last month heard the business is “on track with record quarters and increasing customer demand.”