4. Todd McKinnon, Okta
Okta is cutting 300 workers due primarily to overhiring.
Okta announced the layoffs in a filing with the U.S. Securities and Exchange Commission (SEC). It announced a restructuring plan to reduce operating expenses and improve profitability. The layoffs impact 5% of Okta’s workforce.
Okta CEO Todd McKinnon made waves when he sent an email to employees about the restructuring plan and rapid pace of layoffs. He said cutting workers was a “very difficult” decision.
“A workforce reduction like this is the last thing I wanted to do, and I am truly sorry,” McKinnon said.
Learn how the layoffs impacted the company’s stock value.
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