Casper Lays Off 21% of Corporate Workforce Including COO and CFO
Direct to consumer mattress company Casper is laying off 78 people, including its CFO/COO, and is closing down its European operations, as it focuses on “achieving profitability,” the company said in a statement.
Greg Macfarlane, Casper's Chief Financial Officer and Chief Operating Officer of two years, is leaving the company on 15 May to take a job outside the sleep industry. The company added his departure is not related to the its financial performance.
Casper has hired Stuart Brown, the former CFO of data protection company Iron Mountain as an interim CFO as it looks for a permanent replacement.
Emilie Arel, the Company’s President and Chief Commercial Officer, will oversee the Company’s operations on an interim basis.
Additionally, Lisa Pillette is joining the Company as Chief Marketing Officer. Pillette joins the Company from Lacoste, where she was SVP of Marketing and CRM and Analytics. She will be reporting to Arel.
“We would like to thank Greg for his service and contributions to Casper. Greg played a key role in Casper’s success and in establishing a strong finance and operating foundation for the business. In addition, we are excited to welcome Stuart and Lisa to our team and look forward to executing on our strategic plan in the future with both of them onboard,” said CEO and co-founder Philip Krim.
The company said that by winding down European operations, it will be left to “concentrate on the strength of the North American business.” Casper said the job cuts would save $10 million a year. Casper has corporate offices in Berlin and London. It said it would be winding down its Europe operations through the end of the year.
"We are making a series of difficult decisions to preserve the long-term resiliency and flexibility of the company," Krim said.
Casper was one of the recent tech unicorns to make it to the public market, completing its IPO in February. In the months since, the company has struggled amid the COVID-19 pandemic. It was forced to lower its IPO price range, after a troubled public market debut. Last month the company announced it was shutting down all retail locations and furloughing all retail employees.