The BILL Executive Leadership Team, after careful review and consideration of our business, teams, and goals, has made the decision to rightsize our organization to align against our highest priorities. We are sharing below a note sent from our CEO and Founder, René Lacerte, to BILL employees earlier today.
Important Organizational Update
To everyone at BILL:
As a leader, there are some messages you never want to deliver. It is with a heavy heart that I send this message today. My preference is something more personal but given the size and scale of our business, and the importance of communicating quickly, this was the best option.
The management team and I have made the hard decision to reduce our workforce by 15% across the company. Unfortunately, this reduction is necessary to rightsize our organization and to focus our resources on the highest priorities for the company and our customers. These changes include the closure of the Sydney office and consolidation of resources to other BILL locations.
What Will Happen Today?
The priority for all of us today, first and foremost, is to support each other as best we can. First, I will explain what is happening, and then I will share why this decision is required.
Each of you will receive an email shortly from your Executive Team leader. They will share with you more details about how this decision will impact you and your organization. If you are in Australia, I will also be hosting a video call in the morning local time.
How We’re Supporting Our Impacted Teammates
We’ve worked to ensure our teammates have the financial and emotional support they need. Those impacted will be eligible to receive a minimum of four months’ pay and healthcare, 100% of the individual portion of their H1FY24 bonus, outplacement services, equity vesting through the end of February 2024, and immigration support for those on an employer-sponsored visa. Every impacted employee will have a live conversation with a leader and member of the People Team. In this meeting, they will receive a comprehensive outline of a transition package to support them. I deeply understand that saying goodbye to our colleagues and friends is not easy, and it is incumbent on all of us to do everything we can to help.
Our Focus for the Future
From day one, I’ve known that this race is not a sprint. As we go forward, our mission remains the same, and we will not compromise on our vision or values. Creating a category and defining a market takes time, and on the journey things change. In order to continue with our mission to serve SMBs we need to adapt and change as well.
We’ve managed through an extended period of macroeconomic uncertainty in ways that others couldn’t because of the strong foundation of our business, innovative offerings, careful financial management, and the dedication and passion of every BILL employee. The actions announced today position BILL to deliver improved profitability without relying on interest-rate dependent float revenue. At the same time we are committed to fully funding our most important priorities in service of SMBs.
The market opportunity we are pursuing is immense. We have helped hundreds of thousands of SMBs automate their financial operations and thrive. We will continue to invest our capital and talent in our integrated platform and in expanding our ecosystem to capture the opportunity to help millions more. We will build on the trust our customers, partners, and investors place in us to serve the needs of SMBs everywhere. We will discuss this in more detail together this week.
A Message of Gratitude
To all employees, I am deeply grateful for your dedication, trust and contributions to our culture, customers, and to BILL. For those who are leaving, we will honor all of your contributions by continuing the work against the mission that brought you here to serve SMBs. I wish you all the best.
I have absolute confidence in the BILL team to support each other today, and to come through this moment strong, united, and focused on our customers and the opportunity ahead of us.