Tech layoffs foreshadowing job market weakness down the road: Investment strategist Jake Jolly
Hootsuite Inc. announced its third round of job cuts since August on Wednesday, as the company also moves to change its chief executive.
The Vancouver-based social media technology company said in an email to BNN Bloomberg that the latest round of layoffs has affected 70 employees, or around seven per cent of its staff.
“It was a difficult decision to make but these reductions to our global workforce will best position Hootsuite for the long term,” the company said.
Irina Novoselsky was appointed as the new chief executive officer by the company’s board of directors Wednesday, according to a release from the social media company. The previous chief executive officer was Tom Keiser, who stepped down from his position.
“Irina is a proven, results driven leader with deep experience leading high velocity, high scale businesses, delivering customer-focused innovation and building operationally excellent teams,” Julie Herendeen, the board chair at Hootsuite, said in the release.
Previously, Novoselsky was the chief executive officer at CareerBuilder, a global human resources technology company.
Hootsuite’s third round of layoffs comes after the company considered going public through an initial public offering (IPO) in January 2021.
Keiser, the company’s CEO at the time, said going public was “certainly an option,” but that the organization wanted to get its growth metrics to where it could control its own future.