Business Insider is undergoing an 8% staff reduction as part of a restructuring effort for future growth.
CEO Barbara Peng expressed gratitude for the departing employees and outlined the support they will receive.
The company, acquired by Axel Springer in 2015, has faced scrutiny after publishing an article about Bill Ackman’s wife, leading to a review of its processes.
“We have already begun to refocus teams and invest in areas that drive outsize value for our core audience. Unfortunately, this also means we need to scale back in some areas of our organization,” Business Insider CEO Barbara Peng wrote.
“We’re saying goodbye to wonderful colleagues who have helped build Business Insider into what it is today,” Peng wrote. “We are deeply grateful for their passion, energy, and teamwork and we appreciate them.”
“We stand by Business Insider and its newsroom,” Axel Springer stated.
