Chief, a networking and growth organization for women executives, has cut jobs. The job cuts primarily affected technical and managerial positions, a spokesperson confirmed to BI. The company, valued at $1.1 billion in 2022, also laid off employees last year.
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Chief, a networking organization for women in executive positions, has cut jobs across the company in a restructuring effort.
A company spokesperson confirmed the move in response to a query from Business Insider, saying it will give Chief “more agility” going forward.
“Last week, we announced a restructuring primarily impacting our technology and administrative functions. Like many companies, we are balancing growth and profitability,” a spokesperson said in an email. The company added that it is working to support employees affected by the virus.
Chief describes itself as the largest network of senior women executives in the country. The company said in a recent press release that its members, 40% of whom are executives, represent more than 10,000 companies.
Co-founders Carolyn Childers and Lindsey Kaplan launched the leadership development organization in 2019 with a mission to support women in senior roles and “maximize their leadership impact.”
In March 2022, the company announced it had secured $100 million in Series B funding led by CapitalG, Alphabet’s independent growth fund, bringing Chief’s total valuation to $1.1 billion. A few months later, in October 2022, the company announced it would expand to the UK and open a London office in January 2023.
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Most recently, the company faced a setback.
Chief laid off 14% of its workforce during a “challenging macroeconomic environment,” founders wrote in an April 2023 email to employees, TechCrunch reported at the time. It was reported.
Then, in January, the company announced it would close its London office and withdraw from international expansion to refocus on the American market.
“This was not an easy decision to make, but ultimately we believe that focusing solely on our U.S. operations, where the majority (over 95%) of our members are based, is the best next step for our business. ,” the company said in a statement. Press release at the time.
According to Chief’s website, a Chief spokesperson said the latest reorganization will allow Chief to “focus on our recently launched member experiences,” including executive coaching and executive education programs, with prices starting at $5,900. The price is $10,900.
“Our vision remains the same: to build the strongest network of women executives and maximize their leadership impact,” a spokesperson said.
