Informatica Layoffs to Slash 7% of Workforce, CFO Stepping DownInformatica Layoffs to Slash 7% of Workforce, CFO Stepping Down
The layoffs should be completed this quarter.
January 10, 2023
Informatica on Tuesday confirmed layoffs impacting about 450 employees, or about 7% of its workforce.
Informatica detailed the layoffs in a U.S. Securities and Exchange Commission (SEC) filing. The company provides enterprise cloud data management and is based in Redwood City, California.
“The plan is intended to better align the company’s global workforce and cost base with its cloud-focused strategic priorities and current business needs,” Informatica said in the SEC filing.
Informatica estimates it will incur non-recurring charges of about $25 million to $35 million in connection with the layoffs. That’s primarily related to cash expenditures for employee transition, notice period and severance payments, and employee benefits.
Informatica Layoffs Impacting Workers in Multiple Countries
“The company expects that the majority of these charges will be incurred in the first quarter of 2023 and that the implementation of the plan will be substantially complete by the end of the first quarter of 2023,” Informatica said. “Potential position eliminations in each country are subject to local law and consultation requirements, which may extend this process beyond the first quarter of 2023 in limited cases. The charges that the company expects to incur are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual expenses may differ materially from such estimates.”
Keep up with our telecom-IT layoff tracker to see which companies are cutting jobs and the ensuing channel impact.
Informatica CFO Stepping Down
Informatica’s Michael McLaughlin
In addition, Informatica’s CFO is stepping down. The company announced the appointment of Michael McLaughlin, most recently CFO of FICO, as executive vice president and CFO effective Jan. 16. McLaughlin succeeds Eric Brown, who notified Informatica’s board of directors of his intention to step down to pursue other opportunities.
Brown’s departure follows more than four years as Informatica’s CFO. He will remain a consultant to the company through March 31.
Amit Walia is Informatica‘s CEO.
“On behalf of Informatica, I would like to thank Eric for his leadership and stewardship over the past four years,” he said. “He played an instrumental role in driving our successful public listing, our transition to a SaaS operating model, and setting the foundation for our leadership in cloud. We wish him well in all future endeavors.”
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