The Washington Post has announced that it will reduce its workforce by approximately 240 positions through a voluntary buyout program, reports The Associated Press.
Interim CEO Patty Stonesifer sent an email to staff, acknowledging the newspaper’s overestimation of growth projections over the past two years and into 2024.
The voluntary buyouts will be extended to specific job roles and departments and the eligible employees will receive notifications following an all-staff meeting. Stonesifer emphasized that the buyout offers would be extended to a broader group of employees, but the number of acceptances would be capped at around 240 people. The measure aims to prevent more drastic actions like layoffs.
Following the announcement, The Washington Post Guild, the union representing the publication’s employees, said it was “infuriated” by the decision and expressed concern for the worker.
“We cannot comprehend how The Post, owned by one of the richest people in the world, has decided to foist the consequences of its incoherent business plan and irresponsibly rapid expansion onto the hardworking people who make this company run,” wrote the union on X/Twitter.
This announcement comes during Stonesifer’s tenure as interim CEO, who succeeds longtime publisher Fred Ryan, who left the company in June. Ryan had led the publication for nearly a decade and remained in charge after Jeff Bezos acquired The Post in 2013.