Casper has fired dozens of employees, including three executives: Chief Marketing Officer, Chief Technology Officer, and Chief Operating Officer, sources said. The mattress company declined to comment.
A layoff round communicated to employees on Friday has had a significant impact on retail and operations teams, indicating that the business may be undergoing broader restructuring. Severance pay was provided to the dismissed employee.
In particular, all the affected executives were added to the team quite recently. CTO Ben Clark has been with the company since July 2019, and former CMO Lisa Pillet joined Casper in March 2020. Casper COO Charles Liu had only been with the company for eight months before the layoff.
Casper’s CFO remains a startup, but his role also has significant revenue. In a business update in April 2020, Casper announced that then CFO and COO Gregory Macfarlane would leave the company. Interim CFO Stuart Brown eventually took on that role and resigned three months later. The latest CFO, Michael Monahan, came into effect on August 31, 2021.
More than a year ago, Casper announced that it would shut down its operations in Europe and cut 21% of the world’s workforce. This move was due to Casper’s new goal of “achieving profitability,” including a focus on North American operations.
It then suggested that the temporary closure of retail stores affected the entire direct sales channel to consumers, forcing them to take steps to minimize operating costs. Today, the startup goes one step further by eliminating roles within the retail and operations teams.
Casper’s layoff could also be a response to Apple’s latest software crackdown, iOS 14.5, creating a consumer sector that said on condition of anonymity due to lack of direct knowledge with the company. One of the people said. An app that tracks user data without permission. This setting limits the advertising data that businesses can access, justifies their budget, and makes it difficult to understand the effectiveness of their sales strategies.
“Performance marketing through paid channels, especially Facebook and Instagram, is currently volatile,” he said. “So if they really depend on that channel, it could be something that is affecting their sales.”
Casper debuted at $ 12 per IPO share, at $ 14.50 per share, just as the COVID-19 pandemic was gaining momentum in February 2020. 2021. Today, the company is trading for just over $ 5, down more than half since its opening.
Casper cuts its CMO, CTO and COO amid further layoffs – TechCrunch Source link Casper cuts its CMO, CTO and COO amid further layoffs – TechCrunch