- Brex, a US-based expense management platform, is cutting 282 jobs, approximately 20% of its total workforce, in a restructuring effort.
- Founder and co-CEO Pedro Franceschi attributes the layoffs to the company’s rapid growth, necessitating a reassessment of its structure.
- Organizational restructuring involves reducing layers between leaders and customer-focused work, resulting in a “flattened” structure.
- COO Michael Tannenbaum transitions to a board member role, and Camilla Morais replaces him as the SVP of global operations.
- CTO Cosmin Nicolaescu will move to an advisory role, while James Reggio, engineering director of AI products, becomes VP of engineering.
- Brex, valued at over $12 billion, has experienced a second round of layoffs in 18 months, following an 11% reduction in October 2022.
- The earlier layoffs were attributed to macroeconomic challenges and a strategic shift towards serving early-stage start-ups and scaled companies.
- In June 2022, Brex had previously announced the discontinuation of services for “traditional” small businesses not aligned with its core customer base.
US fintech Brex to axe 20% of workforce
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