Team, you’ve provided feedback that you would like transparent communication, so I’ve decided to start a new weekly update here. For this week, I’ve some good news and I’ve some bad news. Starting with the bad news.
Bad news: We (EC) made the tough decision to layoff about ~220 colleagues of ours. It’s unfortunately necessary to make tough decisions.
Now the good news is that the ~220 reduction in force has already pre-funded EC’s compensation increase including bonus for this year.
I know this is a lot for you so I’ll keep it short for this week. Come back next week for some more updates.