Productivity app Evernote has significantly reduced the workforce and eliminated around 15 percent of employees to make the business more efficient shortly after the departure of key employees from the company.
The CEO Chris Neill, cfirmed to the employees in a meeting with all hands Mday, advised the company to lay off 54 people. TechCrunch reports O & # 39; Neill recommended that it was part of a plan to refocus its efforts specific functis such as product development and engineering.
In a note to members of staff, O & # 39; Neill refers to the move as a "necessary decisi to set Evernote for future success," but also an extremely difficult decisi and a decisi that we do not have. taken & # 39 ;.
The CEO emphasizes that he has "set incredibly aggressive targets for the whole year" in recent mths, but despite the company's significant growth so far, he claims "at the same time we have invested too much for that growth".
The redundancies follow a series of high employee redundancies of the company in the past two mths. Key persnel including CTO Anirban Kundu, CFO Vincent Toolan, CPO Erik Wrobel and HR head Michelle Wagner no lger work for the company, with existing employees changing roles instead of external staff from Evernote.
A blog from O & # 39; Neill was meant to give an explanati to its customers, advises new leaders for the Engineering team, as well as for the People and Legal functis, the Product and Marketing teams are united under e leader and a recruitment process has been launched for a new CFO.
It also warns for future streamlining, also in sales, to scale other areas.
Although recent reports point to a company in difficulty, including a claim that the company collects more mey, the CEO's statement claims differently. After a 20 percent growth in the first half of the year, sales are expected to end in the third quarter north of $ 27 milli, with Evernote also having more than $ 30 milli in cash the balance sheet and expected to 2018 will earn more mey than it is spending.