CEO Drew Houston will remain in his job.
Words don’t seem to mean anything these days. Dropbox CEO Drew Houston this week told employees he takes “full accountability” as he announced a round of layoffs affecting. He is, as far as we can tell, remaining on as CEO and continues to hold a multiple-billion dollar ownership stake in the cloud storage company.
Employees affected by the cuts will receive a minimum of sixteen weeks’ pay and their stock grants for Q4 2024 will vest. They can also keep their work computers. Dropbox cut 16% of staff in 2023 amid a wave of cuts across the industry following years of overgrowth during the pandemic. Revenue growth has been slow at Dropbox, in the single-digits more recently.
Leaders often claim that they are taking accountability when they screw up—and they should, as CEOs like Houston are the ones who mismanaged the company to the point of requiring layoffs in the first place. But rarely does “taking accountability” actually amount to much of anything. The most notable recent example is perhaps that Microsoft CEO Satya Nadella asked the company’s board to reduce his pay in light of the major Crowdstrike hack.
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