Soros Son’s New Shakeup Puts $25 Billion Philanthropy on Hold
- Second revamp in three years brings new round of job cuts
- Changes come at a critical time for the well-funded charities
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George Soros’ $25 billion charity is on the cusp of a transformation that will reshape its operations, slash its staff and test whether his son Alex is ready to head one of the world’s biggest and most influential philanthropies.
Alex, who was named official successor to his billionaire father at the Open Society Foundations in June, has revealed only a few details of the overhaul, which will include a five-month freeze on new donations starting in October and a minimum 40% staff cut. The organization, which has enlisted consulting firm Deloitte to help with the redesign, will emphasize urgency and outcomes, said President Mark Malloch-Brown by phone, without divulging much detail on which causes will get its cash.