Twitter to lay off more than 330 employees as part of internal restructuringBy Shawn Knight 8 comments
Jack Dorsey is wasting little time in his second stint at Twitter. After rejoining the microblogging site as CEO just last week, Dorsey has revealed that as many as 336 employees - roughly eight percent of the company's global workforce - will soon lose their jobs as part of an internal restructuring plan.
The announcement came in the form of a filing submitted to the Securities and Exchange Commission earlier today. Dorsey's statement was also e-mailed to Twitter employees, Re/code notes.
Dorsey said the goal of restructuring is to put the company on a stronger path to growth by focusing on the experiences that will have the greatest impact. One example is Moments, the breaking news feature launched last week.
Twitter's product and engineering divisions will be most affected by the restructuring. Dorsey said they believe engineering efforts will move much faster with a smaller and nimbler team. Despite slimming down, the engineering sector will still represent the biggest team within Twitter.
The executive added that they will go to great lengths to take care of each outgoing employee by providing generous severance packages and helping them to find a new job.
Dorsey returned to Twitter as interim CEO following the voluntary departure of Dick Costolo on July 1. Some questioned whether or not Dorsey, who also serves as CEO of mobile payments provider Square, would be able to effectively handle leadership duties at both companies. So far, that doesn't seem to be an issue.