Sources say that Casper laid off many employees including its chief marketing officer (chief technology officer), chief operating officer (chief operating officer) and chief marketing officer (chief technology officer). Casper Mattress declined to comment.
Employees were informed Friday that there was a round of layoffs. This indicated that the company may be going through a larger restructuring. Employees who were laid off received severance packages.
The impacted executives are all relatively recent members of the team. CTO Ben Clark joined Casper in July 2019. Lisa Pillette, the former CMO, joined Casper on March 2020. Charles Liu, Casper’s COO, had been with the company only eight months prior to this round of layoffs.
Casper still has a CFO, although the role has seen significant turnover. Casper, in an April 2020 business update announced the departure of Gregory Macfarlane (its CFO, COO, at that time) The interim CFO Stuart Brown was appointed, but he resigned three months later. Michael Monahan was the new CFO and took over effective August 31st, 2021.
Casper had announced that it would shut down European operations a year earlier, slashing 21% of its worldwide workforce. Casper announced the move in response to its new goal of “achieving profit,” with a particular focus on North American operations.
It was apparent that temporary closings of retail outlets had a negative impact on its direct-to-consumer channels. The company took steps to reduce operating expenses. The startup has now eliminated roles in its operations and retail teams.
A founder of the direct-to consumer space spoke under the condition that she was not able to speak publicly because of her inexperience with Casper. She said Casper’s demotions may also have been a reaction to iOS 14.5, Apple’s new software, which will make it harder for apps to track user’s data without their permission. This setting limits the data companies have access to for advertising purposes, which makes it difficult for them to justify their budgets and assess the effectiveness of their marketing strategies.
The person stated that performance marketing via paid channels is “wonky” right now. They could lose sales if their dependence on this channel is real.
Casper’s IPO shares were priced at $12, and the company debuted at $11.50 per share as COVID-19 was gaining steam in February 2020. Before recovering from the plunge, Casper’s shares fell nearly 72% off their opening prices before reaching an all-time high of almost $11 in February 2021. The company is trading at $5 today, more than half its original opening price.
Publited at Wed 15 Sep 2021, 00:39.23 +0000