Canada’s Hootsuite has announced its third round of job cuts since last summer and replaced its chief executive officer (CEO) as the social media company continues to struggle financially.
The privately held Vancouver-based tech firm said the latest employee layoffs will impact 70 employees, or 7% of its workforce.
Last August, Hootsuite eliminated 30% of its workforce as part of a restructuring. In November, Hootsuite laid off an additional 5% of its employees.
The company has also announced that Irina Novoselsky has been appointed as its new CEO. The previous CEO, Tom Keiser, stepped down from the role.
Previously, Novoselsky served as CEO of CareerBuilder, a human resources technology company.
Hootsuite had planned an initial public offering (IPO) in 2021 but put off going public as its finances and market conditions deteriorated.
