Condé Nast will pink-slip about 100 staff within the U.S. and is placing one other 100 on unpaid go away for a number of months because the COVID-19 disaster cuts into the media firm’s enterprise.
The New York-based firm, whose titles embody the New Yorker, Wired, Vogue, Vainness Truthful and GQ, had about 6,000 staff worldwide in the beginning of 2020.
CEO Roger Lynch introduced the cutbacks in a memo to workers Wednesday. One month in the past, he advised staff that layoffs had been within the offing, together with different cost-cutting measures. An insider mentioned the layoffs span all areas of the corporate and aren’t focused at particular person manufacturers or teams, though some groups could also be hit more durable than others.
“By means of this disaster we’ve all gone by way of many states of emotion, personally and professionally, and I’m deeply saddened to have to put in writing this word with the information that we’ll be saying goodbye to a few of our U.S. colleagues,” Lynch mentioned within the Might 13 memo.
Along with the layoffs, Lynch wrote, the corporate is furloughing about 100 staff who “can’t successfully work throughout this era,” akin to these in Condé Nast’s occasions group. Additionally, a “handful” of staff could have lowered work schedules, in line with Lynch, who joined the corporate a couple of yr in the past after serving as CEO of Pandora and Dish Community’s Sling TV.
Per Lynch’s memo, Condé Nast is offering severance packages and job-placement assets to staff who’re getting laid off. For furloughed staffers, the corporate will “cowl the complete price of their healthcare premiums whereas they’re out on furlough,” the CEO wrote.
Condé Nast’s beforehand enacted cost-saving measures included pay cuts of 10%-20% for these incomes not less than $100,000 per yr and a 50% wage discount for Lynch and outdoors board members. Lynch mentioned it has restricted hiring and closed a whole bunch of open roles throughout the corporate’s divisions.
The corporate is also deferring till 2021 a number of massive strategic initiatives, together with the rollout of Condé Nast’s Copilot content-management system to extra markets this yr; the buildout of world inside occasions areas; and a world worker intranet.