“This change is designed to support EFG’s sustainable growth ambitions and profitability.”
ESL FACEIT Group (EFG) is planning to lay off 15% of its global workforce, according to GamesBeat. These EFG layoffs are arriving two years after the $1.5 billion merger involving Savvy Games Group's acquisition of ESL and FACEIT.
EFG lays off 15% of workforce
In a memo sent to GamesBeat, EFG co-CEOs Niccolo Maisto and Craig Levine shared that the company plans to reduce the size of its team by about 15%. "This change is designed to support EFG’s sustainable growth ambitions and profitability," the memo stated.
According to the report, EFG is notifying employees across different time zones about these layoffs as well. A town hall will happen later today. Additionally, those affected by the EFG layoffs will still have access to their company email until Feb. 28 at 10 a.m. PT.
Related articles
ESL FACEIT Group layoffs explained
The GamesBeat report noted that the EFG layoffs will streamline the company as well. The explanation from EFG acknowledged that staff layoffs are common when a merger takes place.
“As co-CEOs, we did not make this decision lightly," the memo continued. "We feel it’s important to take accountability for it, and provide clarity and transparency from the outset of the changes ahead. As we embark on the next phase of our company, this new organizational structure will enhance our ability to better serve and bring value to our fans, community, and partners. We are confident in our people to advance our strategic priorities in the midst of this transition period.”
Notably, "EFG continues to have the backing of Savvy Games Group. Notably, Savvy is funded by the Saudi Arabian government’s Public Investment Fund (PIF)," the report added.
Moreover, the report stated that EFG does not expect these layoffs to affect its partnerships. Instead, the company believes these cuts will help adapt to the needs of other partners, publishers, and sponsors.
