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Capital markets sentiment has shifted to a more balanced approach between growth and profitability.
June 13, 2022
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.
You can keep up with the Channel Futures telecom and IT layoff tracker to see which companies are cutting jobs and how it impacts the channel.
“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.”
“However, capital markets sentiment shifted to a more balanced approach between growth and profitability,” he said. “And at this time, we have decided the best course of action is to reorganize to position OneTrust for continued long-term success. It is my role as CEO to ensure that OneTrust continues to thrive.”
The layoffs will help OneTrust meet the “new challenges ahead of us,” Barday said.
The decision to cut workers resulted from an “extensive evaluation process,” Barday said. It isn’t a reflection of the performance of any one person or team.
“As with any change, the resilience we’ve built as a company will be tested,” he said. “We’ve proven in the past that we can emerge stronger as a company by adapting quickly. And I’m confident that we have the strength to pull together through this challenging time. As we look ahead to our next chapter, we will find new opportunities and successes as we scale the business.”
There’s “exciting days” ahead for OneTrust as it transforms into the trust intelligence platform company, Barday said.
“Our rapidly growing customer base has crossed 12,000 organizations,” he said. “And all of them are on the journey of trust transformation with us. I recognize today is a painful day for our company, but I am confident in the resilience of our teams as together we look ahead to our next chapter.”
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