Changes to Updater’s team
Today, Updater implemented a team restructuring aimed at maximizing our productivity toward a few key initiatives while minimizing our total cost basis for new investments.
Our restructure involves:
- Narrowing our focus to a smaller number of high-value partnerships and game-changing new opportunities that have emerged over the past year. These initiatives have (by far) the largest impact on achieving our company’s mission.
- Shifting some Updater team members with relevant skills to an exciting new project at MoveHQ (an Updater subsidiary), which has a very aggressive hiring plan. In fact, we plan to open 50+ new roles at MoveHQ in the coming weeks.
- Implementing a ‘shared services’ model to create operational efficiencies and cost savings. For context, over the years, we’ve acquired numerous companies that still operate independently but could greatly benefit from shared teams across our entire portfolio, such as one legal team, one data team, and one finance team.
Sadly, not all of our current teammates will be part of Updater’s next phase of growth. The decisions of who to part ways with were not blanket cuts across the board. Instead, decisions were made based on structural areas of the business where we decided to adjust focus or reduce duplication to meet future business goals.
I certainly don’t take such decisions lightly, as this decision is hugely impactful to people’s lives. We have a plan in place to support every team member leaving Updater as much as possible in the weeks and months ahead. In addition to honoring our standard severance policy for everyone affected, we will also offer support and various tools to help secure a new role. There are incredibly talented teammates leaving our company today, so I’d like to ask Updater’s network of alumni, friends, and partners to please consider these amazing people for your next hire. If you’re aware of an opportunity, please email [email protected] and we’ll share it with the teammates leaving Updater today.
To our entire team – thank you for everything you’ve built and for all the creativity, talent, and hard work that you’ve committed to our mission. It’s a great achievement that, together, we’ve built a category-defining company out of thin air, and, as the Founder, I’m hugely appreciative of your contributions to this journey.