XLMedia PLC has come to a decision to lay off its employees in a bid to cut costs. The company has announced that it intends to save USD5 million by laying off staff and moving towards automation and outsourcing.
XLMedia Chief Executive Stuart Simms said “I joined XLMedia with the clear intention to orientate the Company towards a balanced portfolio of premium branded sites, in verticals and markets that deliver sustainable revenue growth. To support this transformation, we have been working diligently to augment our leadership team and operating structure, as well as to right-size the resources required for our business to operate most efficiently.”
“Our transformation plan continues to gather momentum, and I am pleased to share our progress with all our major stakeholders, alongside welcoming new talent to the business.” he added.