Security vendor OneTrust lays off 25 per cent of workforce in reorganisation

CEO Kabir Barday said the move is one of the most 'difficult decisions' he has had to make

Security vendor OneTrust has reduced its workforce by 950 employees as it announced a reorganisation of the company.

CEO Kabir Barday said the move is one of the most "difficult decisions" he has had to make but said reducing headcount and adapting to the capital markets sentiment "is what is needed to keep us in our leadership position".

"We are taking care of our departing team members by offering them severance, equity, and extended healthcare packages, as well as creating a network to support them in their job searches," he said.

In an email to employees, Barday said the company has lost around 25 per cent of its workforce due to the layoffs.

He said: "I know this news is surprising, especially as you heard last month that the business is on track with record quarters and increasing customer demand. However, capital markets sentiment shifted to a more balanced approach between growth and profitability, and at this time, we have decided the best course of action is to reorganize to position OneTrust for continued long-term success.

"It is my role as CEO to ensure that OneTrust continues to thrive. And while evaluating all potential scenarios created by these changes, it is critical to be proactive, and this reduction is the solution we chose to help us meet the new challenges ahead of us.

"The decision to reduce our workforce is the result of an extensive evaluation process and is not a reflection of the performance of any one person or team. There is no sugar-coating it, this reorganization is painful for all of us - and this is a decision that I own as CEO, and the impact on our team members and their families is something I do not take lightly."