Olo, the progressive Software-as-a-Service (SaaS) platform catering to the restaurant industry, has announced a reduction in its workforce by 11%, resulting in the layoff of 81 employees.
Noah Glass, the visionary founder and CEO of Olo, emphasized that this strategic decision will shape the future trajectory of the company, positioning it for robust growth and advancement.
To mitigate the impact on departing employees, Olo is offering a comprehensive severance package. Affected individuals will receive three months of paid severance, with an additional week for each year of service. Furthermore, they will be provided with three months of paid COBRA health insurance coverage for both themselves and their dependents.
In an effort to recognize their contributions, the departing employees will also be granted accelerated equity vesting until the conclusion of the 2023 calendar year. Additionally, they will have access to LinkedIn Premium services for a period of three months.
Glass expressed his heartfelt sentiments regarding the departure of dedicated team members, acknowledging the challenging nature of these circumstances. He emphasized the deep connection and camaraderie shared within the Olo community, expressing empathy for those impacted by the decision.
He affirmed the company’s commitment to transparent and timely communication, ensuring that affected individuals receive relevant information promptly. Olo is dedicated to providing comprehensive support throughout this challenging period, recognizing the importance of a strong support system during times of transition.
While bidding farewell to valued colleagues and friends is undoubtedly arduous, Glass remains confident that Olo will forge ahead, demonstrating resilience and emerging even stronger from this transformative phase in the company’s history. The future holds exciting prospects, and Olo is poised to navigate this journey with fortitude and determination.
In line with its strategic restructuring plan, Olo has appointed Joanna Lambert as its new Chief Operating Officer (COO). Lambert, assuming her role on July 5, 2023, will report directly to Glass.
As the COO, Lambert will assume responsibility for leading Olo’s product and engineering organizations, overseeing the evolved Business Units. Her primary focus will be driving the strategic direction and growth of Olo’s three product suites: Order, Pay, and Engage.