Media measurement and analytics company Comscore has cut approximately 8% of its total workforce. According to a SEC filing, the company is implementing a reduction in force plan. The company will also be reorganising its technology, product and sales divisions to optimise its focus on core areas of growth. The majority of the employees impacted by the reduction in force will exit the company in the third quarter of 2019.
In connection with this reduction in force, Comscore stated that it will incur exit-related costs, which are expected to range between US$1.5 million and US$2.5 million, consisting primarily of one-time termination benefits and associated costs, to be settled in cash. Together with recent attrition, the reduction in force is expected to decrease the company’s annualised operating costs by more than US$20 million.
A week prior to this announcement, a member of the Board of Directors Paul Reilly resigned from Comscore as director, effective immediately. According to Reilly’s resignation email seen by Marketing, he said he does not “believe the company’s operating strategy is progressing fast enough, specifically in innovation and product development”.
Comscore recently underwent a retrenchment exercise in Asia Pacific. This saw senior vice president for APAC Joe Nguyen resign to embark on new challenges. Taking over Nguyen’s remit was Kedar Gavane who was previously vice president, India. Comscore also promoted SVP, head of EMEA, Guido Fambach to executive vice president (EVP) for EMEA & APAC to take the reins from EVP, international, Will Hodgman who also resigned in the midst of the company’s global restructuring.
Comscore ‘s chief financial officer and treasurer Greg Fink said in an earnings call then that the company has reduced its workforce by 10%, including open positions that will not be filled. Recent top level departures also include CEO Bryan Wiener and president Sarah Hofstetter, who were based at the headquarters in US, as well as chief operating officer Kathryn Bachmann after serving for less than two months.