Carousell Group axes 110 employees, CEO says he will ‘take responsibility’ for decisions that led to retrenchments
About 10 per cent of Carousell Group’s employees have been laid off, with about 50 roles based in Singapore.
CEO Quek Siu Rui said that he will "take responsibility" for the decisions that led to the retrenchments.
Among the reasons that led to the retrenchments was that he had been "too optimistic" over Covid-19 recovery.
However, he also said it is prudent that the group gets to profitability as quickly as possible.
The co-founders and group leadership will take voluntary pay cuts.