Metromile layoffs
Saw on Linkedin Metromile CFO and SVPs getting laid off. How many people got laid off today? wtf happened?
Merger and consolidation with Lemonade
lemonade ceo? did they have an all hands or email
Most definitely more than 20%.
Nah, pretty much 20%. Still devastating. Lots of leadership including longtime folks who were huge culturally. Was this the plan all along? If so, it’s fucked to keep these leaders around for morale only to let them go the moment the companies “become one.”
more leadership was laid off than the cfo and a svp?!
Most of the product, engineering, and design teams were let go
They had an all hands meeting to announce the close of the merger but the CEO just read a scripted note with little empathy saying due to current economic down turn and the deal taking longer than expected to close that they will be laying off 20 % of the staff. They proceed to say that you will receive notification within 3 hours of the meeting ending of the outcome. They scheduled one on one meetings and proceeded to let go people. Within an hour they removed from Slack. They offered a messily severance. Typical Cobra and some small stock offerings. IMO this seemed like an attack that they knew from the beginning. They made promises that ‘your job is guaranteed’ and then nope, it’s not. Typical employers.
Unclear of the logic they used to fire people. But I’m sure they (Lemonade) didn’t want any people who had major affects on the products at Metromile to continue with Lemonade.
Maybe some roles became redundant… and I don’t think Metromile is in all 50 states yet so maybe the pandemic impacted their growth . It’s a great product though
People never learn from 100s of these that happen. Still they ask the question -“will our salaries be adjusted?” My a**. Rule #1 when your company is acquired- you will be fired. Simple reason - they do not need duplicate departments to operate the new company. Rule #2 if you are not fired, then they will use you to boost the roles of the people in acquiring company. Basically they will make you report to the people at same level of acquiring company and give all of those new leaders promotions - just like that. So, your peers in the acquiring company will get promoted because you are reporting to them - not because they deserve it. Anyway - you are fuc*ed. so, when you are acquired or merged - start LC and get the hell out. If not in a month or 2, you will be redundant eventually.
Great product!
CFO & SVPs were let go first?