Software giant Salesforce is cutting nearly 10 percent of its workforce after a COVID-19-fueled hiring boom that saw the company nearly triple its workforce in the past four years, Bloomberg reported Jan. 4.
The 80,000-employee company plans to complete the restructuring by the end of fiscal year 2024. In 2021, the company acquired workforce messaging company Slack for $27.7 billion.
The restructuring comes after Slack CEO Stewart Butterfield left the company in December, just days after co-CEO Bret Taylor also left.
"The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Salesforce CEO Marc Benioff said in a Jan. 4 letter to employees. "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."