ZipRecruiter to cut 20% of staff, CEO to get 30% salary cut

Job-hunting platform ZipRecruiter Inc. (ZIP) on Wednesday said it would cut roughly 270 jobs, or about 20% of its total workforce, after the company this month warned that a shakier economy had made for a more cautious hiring environment. Roughly half of the affected employees were from sales and customer support, ZipRecruiter said in a filing, adding that it expected to complete virtually all of the staff reductions by June 30. "This action was taken in response to current market conditions and after reducing other discretionary expenses, with a view toward driving long-term efficiency," ZipRecruiter said in the filing. The company said it expected to record a pre-tax charge in the range of $7 million to $9 million during the current quarter, for severance and other termination benefit costs. ZipRecruiter also said that Ian Siegel, its chief executive, agreed to a 30% salary reduction, effective Thursday. Shares rose 1.3% after hours.

-Bill Peters

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

05-31-23 1839ET

Copyright (c) 2023 Dow Jones & Company, Inc.