Chief, a networking organization for women in executive positions, has cut staff across the company in a restructuring effort.
A spokesperson for the company confirmed the move in response to an inquiry from Business Insider, saying it would give Chief "more agility."
"We did announce a restructuring last week that primarily impacted our technology and administrative functions. Like many companies, we are balancing growth and profitability," the spokesperson said in an email, adding that the company was striving to support the affected employees.
Chief describes itself as the nation's largest network of senior executive women. In a recent press release, the company said its members — 40% of which are C-suite executives — represented over 10,000 companies.
Its cofounders, Carolyn Childers and Lindsay Kaplan, launched the leadership-development organization in 2019 with a mission to support women in senior positions and help them "maximize their leadership impact," its website says.
In March 2022, the company announced it had secured $100 million in Series B funding led by CapitalG, Alphabet's independent growth fund, which brought Chief's total valuation to $1.1 billion. Months later, in October 2022, the company said it would expand to the UK, with a London office opening in January 2023.
More recently, the company has faced setbacks.
In April 2023, Chief laid off 14% of its staff during what the founders called in an email to staff a "challenging macroeconomic environment," TechCrunch reported at the time.
Then, in January this year, the company said it would close its London offices, withdrawing from its international expansion to refocus on the American market.
"While this was not an easy decision, we ultimately determined that focusing solely on our US operations, where the vast majority of our members (over 95%) are based, is the best next step for our business," the company said in a press release at the time.
The spokesperson said the most recent restructuring would allow Chief to "focus on recently launched member experiences," such as its executive-coaching and executive-education programs, which range in price from $5,900 to $10,900, according to Chief's website.
"Our vision remains the same — to build the most powerful network of executive women and maximize their leadership impact," the spokesperson said.
