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Recruit Holding's Indeed to cut 15% of workforce

Japan-based Recruit Holdings Inc.'s Indeed job-search site plans to lay off 15% of its workforce for total of 2,200 positions, according to a company blog post Wednesday. Indeed Chief Executive Chris Hyams said the cuts will "come from nearly every team, function, level and region." Hyams, who will take a 25% pay cut, said affected employees will receive an email stating that their last day of employment is today, and that they will be paid through March 31, Severance includes 16 weeks of salary and four months of COBRA in the U.S. American depositary receipts of Recruit were down 0.2% in recent activity.

-Wallace Witkowski

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03-22-23 1442ET

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