Vacasa (VCSA) just unveiled an announcement.
In a strategic move to streamline operations and maintain profitability, the Company’s Board of Directors has approved a workforce reduction plan that will eliminate about 320 positions, which is roughly 5% of their workforce. This downsizing is part of an effort to tighten the organizational structure and reduce seniority levels, aiming to be cost-effective in a variety of economic conditions. Associated with the restructuring, the Company anticipates incurring costs of $4-5 million, mainly for severance and related professional fees, expected mostly in the first half of 2024. Additionally, the Company’s Chief Operating Officer, John Banczak, is set to step down but will remain as an advisor to ensure a smooth transition.
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