AdBrite has laid off 40% of their staff including two execs as well, this layoff is more than the industry norm that we have now come to see – which is laying off 33% of the workforce. The San Francisco-based advertising startup is laying off 40 employees including VP Marketing Paul Levine and VP Finance Bob Feller. AdBrite is a Sequoia backed company headed by CEO Iggy Fanlo, who previously was a CEO of Shopping.com where he had to let go 200 of the 300 employees during the dot com bubble. According to TechCrunch:
This isn’t the first time Fanlo has been through big layoffs. He was President and Chief Revenue Officer at Shopping.com during the first bust, where the company let more than 200 of 300 employees go over three cuts. The company went public in October 2004, and was acquired by eBay in June 2005 for $620 million. He says one thing that he learned from going through the tough times - make cuts early and deep to give the company the best possible chance of getting through it. Clearly he put that theory into action today.
AdBrite had $32 million in gross revenues in 2007, although we dont know the current figures but Fanlo insists they are growing.
[via TechCrunch]
