Virtual cycling platform Zwift today announced a fresh round of workforce reductions. This news comes less than a year after its last round layoffs, which saw a world-wide staff reduction of 15 percent. Adding to the challenges, the platform faced a setback as cycling's governing body, the UCI, inked a multi-year agreement with MyWhoosh, relinquishing World Championship rights to the UAE-based company.
At the time of publishing, Zwift had not shared the extent of the workforce cuts, but did reveal that changes will affect all areas of business and that co-CEO Kurt Beidler has chosen to resign and Eric Min will now continue as sole CEO.
“This was difficult news to deliver and we regret having to part ways with some incredibly talented and passionate people. Their contributions to our mission were substantial and we’re grateful for their work,” Zwift shared in a statement on its forum.
As with many other companies in the bike industry, layoffs and drastic changes stem from the post-pandemic downturn.
“Growth has not rebounded at a fast enough pace to justify all of the investments that we have been making. As a result, we are taking action to become leaner with a continued focus on delivering great experiences for our community,” Zwift states.
Yet Zwift was quick to reassure its staff, stakeholder and global community of virtual riders that “business is healthy and our community is growing.”
In its quest for sustainable growth, the platform strives to become “more agile and focused, while also promising exciting developments in the months ahead.
“We are committed to this sponsorship and to supporting the continued growth of women’s cycling,” Zwift states.
Cycling Weekly reached out to Zwift for a comment and will update the article as more information becomes available.
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