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Kimberly White/Getty Images for TechCrunch.
- Chief, a networking platform for women in leadership roles, has implemented layoffs.
- The job cuts mainly affected technology and administrative positions, as confirmed by a company representative to Business Insider.
- In 2022, the organization was valued at $1.1 billion and had previously laid off employees last year as well.
Chief is a prominent networking platform dedicated to empowering women in executive roles. Recently, the organization announced significant staff reductions as part of its restructuring strategy.
A spokesperson for Chief confirmed this decision in response to inquiries from Business Insider. They stated that these changes would provide the company with “greater agility” moving forward.
“We initiated a restructuring process last week that primarily affected our tech and administrative teams. Like many organizations today, we are navigating the balance between growth and profitability,” the spokesperson noted via email while emphasizing their commitment to supporting those impacted by these layoffs.
Claiming to be the largest network of senior executive women in the United States, Chief reported that its members—40% of whom hold C-suite positions—represent over 10,000 companies nationwide in a recent press release.
Cofounders Carolyn Childers and Lindsay Kaplan established this leadership development initiative in 2019 with an aim to empower women leaders and enhance their influence within their respective fields.
In March 2022, Chief announced it had raised $100 million through Series B funding led by CapitalG—the independent growth fund of Alphabet—which elevated its valuation to $1.1 billion. Shortly thereafter, in October 2022, they revealed plans for international expansion with an office opening in London set for January 2023.
However, recent months have brought challenges for Chief. In April 2023 alone, they laid off approximately 14% of their workforce due to what founders described as “a challenging macroeconomic environment,” according to reports from TechCrunch at that time.
This past January marked another strategic shift when Chief decided to close its London office as part of retracting from international markets; instead refocusing efforts on strengthening operations within the U.S., where over 95% of their members reside.
“While this was not an easy choice,” said the company during an announcement regarding this decision,” we concluded that concentrating solely on our U.S.-based operations is essential for our business’s next steps.”
The latest restructuring aims at allowing Chief more focus on newly launched member services such as executive coaching programs priced between $5,900 and $10,900 according to information available on their website.
“Our vision remains unchanged—to cultivate a powerful network among executive women while maximizing their leadership potential,” added the spokesperson during communications about these developments.
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