Fortune Lays Off About 10 Percent of Staff, Executives to Take 30 Percent Pay Cuts

Fortune magazine has laid off 35 employees globally—about 10% of staff on its payroll—and instituted pay cuts for its executives, a company spokesperson confirmed to TheWrap on Tuesday.

“Fortune made the painful but necessary decision to reduce our staff today,” the spokesperson said. “Approximately 10% of our payroll was affected, distributed across departments. Affected employees will receive severance packages, as well as an additional month of medical benefits, including mental health services. Our CEO will be taking a 50% reduction in compensation to further alleviate the financial strain we’re facing, while the rest of the executive team takes around a 30% reduction.”

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