News: 40% of employees fired at George Soros' foundation after son takes over

Strategic HR

40% of employees fired at George Soros' foundation after son takes over

According to a spokesperson for the Open Society Foundations, the organisation is set to make "challenging choices" as it strives to implement its new vision. As part of this process, the foundation intends to globally decrease its workforce by a minimum of 40 per cent.
40% of employees fired at George Soros' foundation after son takes over

After George Soros, the 92-year-old US investor, passed the leadership baton to his son, Alexander Soros, the Open Society Foundations under his control are poised to undergo significant workforce reductions, with at least 40 per cent of employees expected to be laid off.

In a statement jointly signed by Alexander Soros, alongside Mark Malloch-Brown, the president of the Open Society Foundations, the organization announced the implementation of layoffs. The statement highlighted that the foundation would be undergoing "substantial changes" to its operational structure.

“Through this new model, the Board aims to transform operations across the global network, with the goal of generating a nimbler organization better able to build on past achievements and confront urgent and emerging challenges,” the statement said. 

With a current global workforce of approximately 800 employees, the Open Society Foundations is preparing to make challenging choices in order to realize its new vision. A spokesperson for the organization informed CNN that these difficult decisions entail a minimum reduction of 40 per cent in the foundation's overall headcount worldwide.

Boasting a net worth of approximately $8.5 billion, Soros serves as the founder of the Open Society Foundation. This organization is dedicated to backing civil society groups worldwide in their efforts to promote the principles of "freedom and democracy."

Back in February, Soros directed his attention towards Prime Minister Narendra Modi, suggesting that the Adani Group crisis could potentially pave the way for a "democratic revival" in the country. 

Around the same time, Hindenburg Research released a report alleging that companies under Gautam Adani's control were utilizing offshore entities to manipulate their stock prices. The report by the short-selling firm also raised concerns regarding substantial debt and the subsequent erosion of $11 billion in investor wealth.

Modi has faced criticism from Soros, who, in response, was strongly criticized by the BJP for allegedly interfering in "India's democratic processes." “Modi is silent on the subject, but he will have to answer questions from foreign investors and in parliament,” said Soros.

“This will significantly weaken Modi’s stranglehold on India’s federal government and open the door to push for much-needed institutional reforms. I may be naive, but I expect a democratic revival in India,” the billionaire investor said at the Munich Security Conference in February.

Read full story

Topics: Strategic HR, #HRCommunity, #Layoffs, #HRTech

Did you find this story helpful?



How do you envision AI transforming your work?

Your opinion matters: Tell us how we're doing this quarter!

Selected Score :