Fintech Brex abandons co-CEO model, talks IPO, cash burn and plans for a secondary sale
Pedro Franceschi will serve as sole CEO of fintech Brex while Henrique Dubugras becomes chairman of the board.
Source: techcrunch.com
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Figure names Michael Tannenbaum as CEO
Figure Technology Solutions, the parent company of Figure Lending LLC, named Michael Tannenbaum as its new CEO.
Source: housingwire.com
Figure Names Brex Veteran Michael Tannenbaum as CEO
Figure Technology Solutions has named Michael Tannenbaum as CEO and a member of the board of directors, effectively immediately.
Source: pymnts.com
Source: Brex told employees it is cutting 282 jobs, or about 20% of its staff, saying it grew too quickly and its CTO and COO are giving up their positions
Brex is cutting 20% of its workforce and shaking up senior management ranks in a new effort to slash its cash burn, as the fintech firm grapples with slower…
Source: biztoc.com
Brex cuts 20% of staff amidst reports of stalled growth, high burn
Expense management startup Brex, which was valued at $12.3 billion two years ago, laid off 282 people, or about 20% of its staff today. The once high-flying fintech startup sent a note to employees (that was also published on the company’s website) today, announcing the news. In addition, Brex announced that its COO, Michael Tannenbaum, is transitioning from his role to become a board member.
Source: yahoo.com