Condo Nost has laid off 100 U.S. employees, Farles has another 100 employees – various2 min read
CondyNast will pinken about 100 employees in the United States, and the Cavid-19 crisis will add another 100 months of unpaid leave due to the media company’s business crisis.
The New York-based company, whose titles include New Yorker, Wired, Vogue, Vanity Fair and GQ, had approximately 1,000,000 employees worldwide at the beginning of 2020.
CEO Roger Lynch announced the cutbacks in a memo to employees on Wednesday. A month ago, he told employees that the cuts were effective, as well as other cost-cutting measures.
“We have all come through this crisis with a lot of emotion, both personally and professionally, and I am extremely sorry to be able to write this note with the news that we are saying goodbye to some of our US colleagues.” Said in a May 13 memo.
In addition to the layoffs, Lynch wrote, the company is defrauding about 100 employees who “can’t function effectively during this time”, such as members of Condy Nast’s event group. Also, according to Lynch, who joined the company about a year ago after taking over as CEO of Pandora and Dish Network’s Sling TV, “a handful of employees” will reduce work schedules.
Prior to Condডে Nest, effective cost-saving measures included a 10% -20% pay cut for those earning at least ,000 100,000 per year, and a 50% pay cut for Lynch and outside board members. The company has also pushed back several major strategic initiatives this year, including the rollout of Condy Nest’s copylist content-management system in the additional market; Encouragement of global indoor event space; And a worldwide employee intranet.