June 9, 2022 – Today OneTrust announced a reorganization that resulted in a reduction of our workforce by approximately 25%.
“It is one of the most difficult decisions I’ve had to make as a leader,” says Kabir Barday, Chief Executive Officer of OneTrust. “My responsibility is to ensure OneTrust thrives and is positioned for sustained growth, and unfortunately, reducing our headcount and adapting to the capital markets sentiment is what is needed to keep us in our leadership position. We are taking care of our departing team members by offering them severance, equity, and extended healthcare packages, as well as creating a network to support them in their job searches.”
As transparency is important to us, below is the email shared with our employees this afternoon.
Today is one of the most challenging days in our 6-year history as a company as we reduced our employee headcount by 950 employees, which is approximately 25% of our workforce – all talented team members who have helped us with our incredible growth and success. This decision was not easy, and it is with a heavy heart that I deliver this news.
I know this news is surprising, especially as you heard last month that the business is on track with record quarters and increasing customer demand. However, capital markets sentiment shifted to a more balanced approach between growth and profitability, and at this time, we have decided the best course of action is to reorganize to position OneTrust for continued long-term success.
It is my role as CEO to ensure that OneTrust continues to thrive. And while evaluating all potential scenarios created by these changes, it is critical to be proactive, and this reduction is the solution we chose to help us meet the new challenges ahead of us.
The decision to reduce our workforce is the result of an extensive evaluation process and is not a reflection of the performance of any one person or team. There is no sugar-coating it, this reorganization is painful for all of us – and this is a decision that I own as CEO, and the impact on our team members and their families is something I do not take lightly.
For our team members who are leaving us, we are providing resources and assistance via severance packages, equity, and extended medical coverage. We are also creating an opt-in network for our former team members which will provide them with ongoing access to training, as well as facilitate connections to companies looking for access to talent.
As with any change, the resilience we’ve built as a company will be tested. We’ve proven in the past that we can emerge stronger as a company by adapting quickly, and I’m confident that we have the strength to pull together through this challenging time. As we look ahead to our next chapter, we will find new opportunities and successes as we scale the business.
There are exciting days ahead for OneTrust as we transform into the Trust Intelligence Platform company. But today, I want to acknowledge and thank our team members who will be moving on. I also want you to know that I recognize this news is difficult, and you will need time to process. To support you, we encourage you to leverage our unlimited PTO policy to take well-being days over the next several weeks. In addition, the leadership team and I will make ourselves available to you as we speak with each of our international offices and teams over the coming weeks. You will see Town Hall structured meetings with me in addition to Ask Me Anything invitations dedicated to your team. You will also be receiving invitations to a virtual All Hands meeting with me being held tomorrow morning as well as a virtual meeting with your respective business unit leaders.
I want to reassure you that OneTrust is positioned for this next chapter as a company. Our vision for Trust Intelligence – bringing together privacy, ethics, ESG, GRC – has the potential to be one of the most impactful software categories of the next generation. Our rapidly growing customer base has crossed 12,000 organizations, and all of them are on the journey of trust transformation with us. I recognize today is a painful day for our company, but I am confident in the resilience of our teams as together, we look ahead to our next chapter.
Chief Executive Officer