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Brex lays off 20% of workforce

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Jan 24, 2024
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Illustration: Natalie Peeples/Axios

Corporate card and spend management company Brex laid off about 20% of its workforce Tuesday, and it restructured its management.

Why it matters: The layoffs follow concerns about its cash runway; an Information piece reported Brex was burning $17 million a month.

Details: Brex laid off 282 people Tuesday and transitioned COO Michael Tannenbaum to board member, co-CEO Pedro Franceschi wrote in an email to employees.

  • CTO Cosmin Nicolaescu will transition to an adviser role this summer.
  • SVP of global operations Camilla Matias Morais is expected to take over as COO.

What we're watching: The company is expected to have an all-hands meeting Wednesday to discuss the changes.

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