Home Technology Dropbox to layoff 11% of workforce, COO to step down

Dropbox to layoff 11% of workforce, COO to step down

Dropbox Inc on Wednesday introduced the exit of operations chief and stated it would minimize 11% of its world workforce, or 315 individuals, because the file internet hosting service supplier shifts enterprise sources within the wake of the COVID-19 pandemic.

Shares fell almost 6% to $22.26 after Dropbox stated Chief Working Officer Olivia Nottebohm, who joined final yr from Alphabet Inc’s Google, will step down on Feb. 5.

Dropbox didn’t present particulars of a alternative for the COO.

“Our Virtual First policy means we require fewer resources to support our in-office environment, so we’re scaling back that investment and redeploying those resources to drive our ambitious product roadmap,” Chief Govt Officer Drew Houston stated in a letter to workers on Wednesday.

The San Francisco-based firm had stated in October that distant work as a result of COVID-19 pandemic might be a major expertise for its workers and its bodily areas will now not be for every day particular person work.

This story has been revealed from a wire company feed with out modifications to the textual content.

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