Report: Instagram Eliminates Management Layer, 60 Technical Program Manager Roles
2 weeks ago
Instagram has reportedly told 60 technical program managers that they must find another job at the company or be let go in two months.
The Meta -owned social networking app is eliminating a management layer as part of its parent company’s ongoing efforts to boost efficiency, Seeking Alpha reported Friday (Jan. 12), citing a paywalled article by The Information.
Instagram also reorganized its product teams to focus on three areas in its Sharing product group, including supporting content creators focused on a teen audience, according to the report.
Reached by PYMNTS, a Meta spokesperson declined to comment on the report.
Meta announced in March that it planned to lay off 10,000 employees after cutting 11,000 jobs in November 2022, while also freezing hiring on another 5,000 roles that had been open.
The cuts are part of a restructuring plan that includes flattening Meta’s organizations, canceling lower priority projects, slowing hiring rates and reducing the size of the recruiting team, Meta CEO Mark Zuckerberg said in a March 14 post on the company’s website addressing “Meta’s Year of Efficiency.”
“At this point, I think we should prepare ourselves for the possibility that this new economic reality will continue for many years,” Zuckerberg said in the post. “Higher interest rates lead to the economy running leaner, more geopolitical instability leads to more volatility, and increased regulation leads to slower growth and increased costs of operation. Given this outlook, we’ll need to operate more efficiently than our previous headcount reduction to ensure success.”
In other recent news around Instagram, it was reported in November that Meta has unveiled a feature that enables Instagram and Facebook users to connect their accounts with Amazon for a seamless shopping experience . This feature aims to keep users within the apps while making purchases on Amazon.
Also in November, Meta introduced new tools to help creators on its platforms, including Instagram, generate revenue. Meta also updated its subscriptions for both Instagram and Facebook creators. At the time, the company reported that there were more than 1 million active subscriptions to Instagram creators, with Meta recently adding subscriptions in 35 new countries.
Nordstrom CEO, President Aim to Take Company PrivateAs a result, the board has formed a special committee of independent and disinterested directors that will evaluate any proposals from those executives and from other parties, the company said in a Thursday (April 18) press release .
The CEO and president expressed their interest while the board was in the process of exploring possible avenues to enhance shareholder value, according to the release.
“The Board of Directors of Nordstrom, Inc. is committed to enhancing shareholder value and regularly evaluates a wide range of strategic, financial and operational alternatives as the Company continues to execute its strategic plan,” the company said in the release.
It added that there is no certainty that any proposed transaction will be completed, and that it doesn’t plan to disclose further developments on this matter unless appropriate or necessary, per the release.
It was reported in March that Nordstrom’s founding family was mounting another effort to take the retailer private and was in negotiations with banks on the deal.
They have attempted to do this before. In 2017, Nordstrom put together a special committee to consider a buyout deal and discussed the option with several private equity firms. However, in 2018, the committee rejected a bid as insufficient.
The Nordstrom founding family has expressed its desire to go private and retain control of the chain to allow the company to focus on long-term growth without the constant scrutiny of public markets.
In the company’s latest earnings report , the retailer said that its premium Nordstrom banner saw net sales dip 3% year over year, while its off-priced banner Nordstrom Rack saw net sales rise by 14.6%. Digital sales across these banners decreased 1.7%.
“We will focus our Nordstrom banner efforts on digital-led growth supported by our stores,” CEO Erik Nordstrom said March 5 during the company’s quarterly earnings call. “One thing we’re excited about is the launch of our digital marketplace on Nordstrom.com starting in April. … As we do this, we’re also creating a more personalized digital experience that makes it easy for our customers to navigate our growing assortment.”
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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