LEADCRITICCo-founder and Others Laid Off at Leads360
Update: Confirmed the layoff of employees, however the parting ways with Charles Chase was a mutual decision that both parties made.
Update: Total of 11 were laid off not 12.
Tough times call for tough decisions and eliminating staff is always a difficult one to do, especially when it is one of the founders of the company.
It is being reported, but has not been confirmed by Leads360 that Charles Chase, COO and co founder, along with approximately 12 others have been laid off today at Leads360. This likely is a result of a few different factors. One, being the economy and the decline in the mortgage industry and the decrease of business revenues from industry. Second, is the recent infusion of VC funds and the slow diversification process into new verticals and industries.
Leads360 is not going anywhere, lets be clear that this is a normal and unfortunate adjustment that all companies at one time or another will face and when it involves a co founder, a reminder that business and VC capital infused companies can be very cut throat, especially in this current environment.
Good luck to all those smart people who are now preparing to enter a very challenging job market.
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Noel Collins | Nov 7, 2008 | Reply
Good luck guys, I know what it’s like. At least it was before 5pm on a Friday. Best Wishes.
Morelli | Nov 7, 2008 | Reply
Yeah, got the news this morning, so I guess it is on to bigger and better things for me. And Critic I echo your sentiment. L360 is a good company and has a great product, and while times are hard, they wil see it through. Best of luck to everyone who made it through the storm, and well anyone else, if you’re hiring, call me! =)
BootyJuice | Nov 7, 2008 | Reply
Ah the joys of VC funding. Like I said, sometimes the company that beats the competition merely outlasts the others…. that burn rate will getcha !
Jay Dunsing | Nov 8, 2008 | Reply
I echo some of the same sentiments found above. Diversification is key to any business model especially while your growing and times are good because times will change. I wish the best of luck to Charles and all the rest of the staff laid off. More importantly for those of us who use Leads360, the best company in the lead management space PERIOD, I wish more luck to them.
To the guys at Leads360: Remember that you have some very loyal customers out there ESPECIALLY ME.