Chief, a Networking Organization for Executive Women, Cuts Staff in Restructuring Effort

Chief, a networking and growth organization for executive women, founded by Lindsay Kaplan and Carolyn Childers, has implemented staff layoffs. The restructuring primarily affected tech and admin roles, as confirmed by a company spokesperson to Business Insider. This move comes as Chief, valued at $1.1 billion in 2022, strives to balance growth and profitability.

Company Background

Chief, positioned as the nation's largest network of senior executive women, boasts a membership base of over 10,000 companies, with 40% of members holding C-suite positions. Founded in 2019 by Carolyn Childers and Lindsay Kaplan, Chief aims to empower women in senior roles to enhance their leadership impact.

Financial Developments

In March 2022, Chief secured $100 million in Series B funding, elevating its total valuation to $1.1 billion. This funding round was led by CapitalG, Alphabet's independent growth fund. Subsequently, in October 2022, Chief announced its expansion to the UK, with plans to open a London office in January 2023.

Recent Challenges

However, Chief has encountered recent challenges. In April 2023, the organization laid off 14% of its workforce due to a "challenging macroeconomic environment." Following this, in January of the same year, Chief made the decision to close its London offices and refocus on its American operations, where the majority of its members are based.

Future Focus

The company spokesperson emphasized that the recent restructuring will enable Chief to concentrate on enhancing member experiences. This includes offerings such as executive coaching and education programs, priced between $5,900 and $10,900 on Chief's website. Despite the recent setbacks, Chief remains committed to its vision of building a powerful network of executive women to amplify their leadership impact.

Source: Business Insider

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By: kbalevic@businessinsider.com (Katie Balevic)
Title: Chief, a Networking Organization for Executive Women, Cuts Staff in Restructuring Effort
Sourced From: www.businessinsider.com/chief-layoffs-networking-organization-executive-women-restructuring-2024-10
Published Date: Sun, 20 Oct 2024 20:47:19 +0000