Thoughtworks Holding layoffs, on the record
Every job cut, severance charge and restructuring Thoughtworks Holding reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from 10,642 to over 10,500.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | 10,642 | December 31, 2021 |
| 10-K for 2022 | over 12,500 | December 31, 2022 |
| 10-K for 2023 | over 10,500 | — |
Job cuts, severance and restructuring
Our summaryAdopted a new Executive Severance Plan for named executive officers, providing severance on termination without cause or for good reason.
Word for word“On September 9, 2021, our Board approved a new Executive Severance Plan (the "Executive Severance Plan"), under which each of our NEOs is entitled to severance (the "New Severance Benefits") following a termination of their employment by the Company without "cause" or by the NEO with "good reason" (each a "Qualifying Termination"), each as defined in the Executive Severance Plan and summarized below, subject to their execution of a fully effective release of claims in favor of the Company and continued compliance with applicable restrictive covenants.” 10-K for 2021
Our summaryThe company announced a structural reorganization that moves operational functions from a geographic to a centralized model, creates a new home for most client-facing staff, and evolves its regional market structure.
Word for word“Thoughtworks expects to incur total pre-tax cash charges of approximately $ 20 million to $ 25 million (the “Total Charges”), of which $ 18.9 million was recognized in 2023.” 10-K for 2023
Our summaryThe company reported restructuring costs for 2023, including employee severance and related benefits plus non-wage costs such as reducing leased office space.
Word for word“Restructuring includes wage-related expenses of $17.2 million , such as employee severance and related benefits, of which $7.5 million relates to operations and $9.7 million relates to professional services, and non-wage related expenses of $1.7 million , including costs related to reducing leased office space, vendor contract cancellations and professional fees, of which $1.6 million relates to operations and $0.1 million relates to professional service s.” 10-K for 2023
Our summaryThe company said it carried out restructuring actions in 2023, including a headcount reduction, to align its financial model and business with the market.
Word for word“During 2023, we undertook restructuring actions, including a headcount reduction, to better align our financial model and our business with the market.” 10-K for 2023
| Fiscal year ended | Restructuring charges |
|---|---|
| 2021-12-31 | $0 |
| 2022-12-31 | $0 |
| 2023-12-31 | $18.9 million |
Thoughtworks Holding filed 3 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Thoughtworks Holding’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-02-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.