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ShopBack cuts 195 jobs as CEO admits taking the company in “too many directions”

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'Undoubtedly, this is one of the hardest decisions I've had to make in our company’s history,' he said

SINGAPORE: Online cashback portal ShopBack has announced a significant workforce reduction and revealed plans to lay off 195 employees, approximately 24% of its total headcount.

He said, “I made the mistake of pursuing too many directions as a company and expanding our team too rapidly. I take full responsibility for the decisions that have led to this situation.” Mr Chan highlighted the company’s challenges despite concerted efforts to curtail costs since 2022. He explained:

The severance package offered to retrenched employees includes pay for a minimum of two months’ notice period and additional severance pay calculated based on years of service or local statutory guidelines.

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ShopBack cuts 195 jobs in push for business sustainabilityTemasek-backed online cashback platform ShopBack is available in 11 markets including Singapore, Australia and Hong Kong.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »