Lightspeed Cuts 10% of Staff as Focus Turns From Deals to Profit
- Company aims for a leaner structure following acquisitions
- Shares have dropped by more than 75% since end of 2020
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Canadian payments firm Lightspeed Commerce Inc. is cutting 300 people in a reorganization aimed at thinning its management ranks after a dealmaking spree.
“We know our organizational structure has become too complex, with overlapping roles and a top-heavy framework,” Chief Executive Officer Jean-Paul Chauvet told employees in a note Tuesday. “This bogs us down, creates inefficiencies, distracts us from our mission and distances us from what matters most — our customers.”