Last night, Fortune revealed it laid off 35 employees, or
about one-tenth of its staff. With the layoffs, executive level employees at the magazine will take a 30% pay cut, with its CEO Alan Murray receiving a 50% reduction in salary.
The cuts were made in response to the economic fallout accompanying the COVID-19 pandemic.
A spokesperson told The Wrap that those affected by the layoffs will receive severance packages and an additional month of medical benefits that include mental-health services.
Fortune was bought by Chatchaval Jiaravanon in 2018 in a $150 million cash deal. The title was formerly a Time Inc. asset acquired by Meredith Corp in its 2018 deal. Jiaravanon is a businessman who owns Fortune Media Group Holdings Limited and purchased Fortune as a personal private investment.
At the time of purchase, Jiaravanon stated he intended to grow the brand’s digital capabilities, geographic expansion and editorial team through increased investment.
Murray was named president-CEO of Fortune at the time of its acquisition. Murray was previously Chief Content Officer for Time, Sports Illustrated, Fortune and Money.
Fortune was founded in 1930.