Brex lays off 20% of workforce
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.