In light of the current macroeconomic environment, BigPanda is announcing today that we are streamlining and restructuring our company to better execute on our mission. As such, we’ve made the difficult decision to reduce our workforce by 13%.
This restructuring includes the elimination of several roles across the company and the reorganization of a number of teams. Soon, we will announce new executive hires who will help us accelerate the company’s growth and better support our customers. Additionally, the executive leadership team will be taking a pay cut for the next 12 months.
Regarding our departing colleagues, we are making great effort to treat our former team members with compassion and empathy by providing them with assistance as they leave the company. Specifically, all impacted employees have been offered severance pay, COBRA coverage (US employees), retainment of their company-issued laptop, an extended exercise period for vested options (US employees), extended access to mental health services, extended access to financial counseling services, and access to internal resources to support impacted employees’ job search.
In light of these announcements, it’s also important to note that the mission of our company has not changed. We are making these organizational changes now to better execute on this mission and ensure a solid financial runway to do so. We appreciate the efforts of everyone who has ever joined us on this journey and will continue to provide company updates as we achieve future milestones.
-Assaf Resnick, Co-founder & CEO
