Brex, an expense management fintech, has laid off 20% of its staff.
The company said in a note published on its website that it cut 282 positions and that Michael Tannenbaum, its chief operating officer, transitioning from his role to become a board member.
Camilla Morais, who was senior vice president of global operations, will succeed Tannenbaum as COO, and Cosmin Nicolaescu is leaving his role as chief technology officer to an adviser role this summer.
Bres is now “emphasizing long-term thinking and ownership over short-term gains,” co-founder and co-CEO Pedro Franceschi wrote in the letter. “The opportunity ahead of Brex is massive, and we want everyone staying to have high conviction and financial upside in our equity.”
Brex will change its operating model with an expectation that leaders will “operate at all levels moving forward, promoting from within, increasing in-person collaboration in our hubs, and concentrating the time zones in which we operate,” Francheschi added.
Brex has cut jobs before, laying off 136 people, or roughly 11% of its workforce, in October 2022.