Casper has laid off dozens of employees, including three C-level executives: its chief marketing officer, chief technology officer and chief operating officer. The mattress company declined to comment.
The divorce round, which was sent to employees on Friday, mostly affects retail and operations teams, indicating that the business is under extensive restructuring. Dismissal packages were given to laid off employees.
Significantly, the affected officers were all fairly recent additions to the team. CTO Ben Clark has been with the company since July 2019, while former CMO Lisa Pilate joined Casper in March 2020. Casper’s COO Charles Liu was in the company for only eight months before this round of dismissals.
Casper’s CFO remains on the startup, but there are also some significant turnovers in that role. In an April 2020 business update, Casper announced that his CFO and COO Gregory McFarlane was leaving the company at the time. Interim CFO Stuart Brown eventually took over the role, and resigned three months later. The latest CFO, Michael Monah, has held the position since August 31, 2021.
A year ago, Casper announced that it was closing its European operations, reducing the number of its global employees by 21%. The move is then attributed to Casper’s new goal of “achieving profitability”, which focused on North American operations.
The business indicated that the temporary closure of its retail stores has affected its overall direct-to-consumer channel, forcing it to take steps to reduce operating costs. Now, the startup is moving one step further by eliminating the roles of its retail and operations teams.
A founder at Direct-to-Consumer Space, who spoke to the company on condition of anonymity due to a lack of direct knowledge, said Casper’s layoff could also be a response to iOS 14.5, Apple’s latest software that will crack down apps without permission. Tracks users’ data. The setting restricts advertising data that companies can access, making it difficult to justify budgets and understand the effectiveness of their sales strategy.
“Performance marketing through paid channels, especially Facebook and Instagram, is upset right now,” the person said. “So, if they really relied on that channel that could be something that could affect their sales.”
As the Covid-19 epidemic gained momentum in February 2020, Casper raised its IPO share price to $ 12 and started at $ 14.50 per share. 2021. Today, the company trades just over $ 5, down more than half from its inception.