Source: Fortune
Summary
Bolt CEO Ryan Breslow has eliminated the company’s HR department, citing that it was creating problems that didn’t exist. Breslow made the comment at Fortune’s Workforce Innovation Summit, where he defended the company’s recent layoffs and workforce cuts. The fintech company has been struggling after its valuation dropped from $11 billion to $300 million. Breslow has returned as CEO and is operating in “wartime” mode, eliminating unnecessary roles and streamlining decision-making. He has also brought on a smaller people operations team to oversee required training and serve as a resource for employees.
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The numbers tell one story.
Bolt CEO Ryan Breslow has taken drastic measures to turn the company around, including eliminating the HR department and laying off nearly 30% of employees. Breslow attributes the company’s struggles to poor decision-making and overspending. The company has shifted to a leaner, startup-style culture, and Breslow has abandoned some of his previous leadership ideals. The strategy appears to be paying off, with Bolt succeeding without “big credentialed, pedigreed professionals.” Breslow’s approach is a radical departure from traditional corporate culture, and it will be interesting to see if it pays off in the long run.
Bolt has entered a phase where the CEO is willing to make unpopular decisions to ensure the company’s survival.
Author: Evan Null
