OpenX Cuts Staff, Hours And Executive Pay In Response To Reduced Marketer Spend

OpenX said Tuesday it has laid off, furloughed or cut hours for 15% of its employees. Most of that percentage were layoffs and furloughs, and the number of people whose hours were cut was small, the company said.
OpenX reduced the salaries of its leadership team by 15% to 20%.

CEO John Gentry said he made the cuts because he expects the coronavirus pandemic to cause a long-term reduction in marketer spend. Gentry took on the CEO role in January, when Tim Cadogan left for GoFundMe.

“Unfortunately, we don’t believe that advertising spend will return to the levels we had prior to COVID-19 in 2020 or early 2021,” he said in a company blog post. “As a result, we have made changes to position the company for success and resilience during this downturn, ensuring we can continue to focus on investing in our products for publishers and marketers.”

*Source: https://www.adexchanger.com/platforms/openx-cuts-staff-hours-and-executive-pay-in-response-to-reduced-marketer-spend/