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Soros’ Foundations to Cut 40% of Staff After Handover to Son* Open Society had more than 500 employees at end of 2021
* Billionaire’s son Alex Soros was named chair in December
BySophie Alexander and Sheridan Prasso
June 30, 2023 at 2:51 PM EDT
Quote:Open Society Foundations, the nonprofit founded by billionaire George Soros, plans to cut at least 40% of its staff in the coming months.
The charity, which earlier this month confirmed Soros, 92, was handing control to his son Alex, said Friday its board approved “significant changes” to its operating model. That includes “a substantial reduction in headcount of no less than 40% globally,” according to a spokesperson.
Soros has donated more than $32 billion to the nonprofit, which had more than 500 employees as of the end of 2021 and gives money to humanitarian and democratic causes ranging from criminal justice reform to climate change initiatives. It currently controls the majority of assets managed by his $25 billion family office.
“The Board aims to transform operations across the global network, with the goal of generating a nimbler organization,” said a statement, signed by the younger Soros and the nonprofit’s president Mark Malloch-Brown. “While Open Society works on these internal changes, the Board remains firmly committed to the Foundations’ core priorities — democracy, human rights, climate justice, and addressing inequity.”
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https://www.bloomberg.com/news/articles/2023-06-30/soros-foundations-to-cut-40-of-staff-after-handover-to-son
