Byju's Likely To Lay Off More Employees In Overhaul Under New CEO
Embattled edtech giant Byju's will look to drive costs further down by likely cutting jobs as it moves to a more streamlined business under a new leader.
"We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base, and better cash flow management," a Byju's spokesperson told BQ Prime. "Byju's new India CEO, Arjun Mohan, will be completing this process in the next few weeks and will steer a revamped and sustainable operation ahead."
While the company didn't specify the number of employees that will be impacted by restructuring, several media reports claimed that the number could range between 4,000 and 5,000. The company has already laid off about 3,600 employees since its troubles began about a year ago.
Byju's is also expected to announce its FY22 earnings this week, after a long-drawn delay. The company has seen a host of senior executives depart over the past few weeks as the restructuring of verticals came into action.
Chief Business Officer Pratyusha Agarwal; Mukut Deepak, business head for Byju's Class 4–10 school segment; and Himanshu Bajaj, head of Byju's Tuition Centres business, have exited the company. WhiteHat Jr CEO Ananya Tripathi has also reportedly exited, while India business head Mrinal Mohit made way for Arjun Mohan. Byju's Senior Vice President for International business, Cherian Thomas, has also resigned.
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