Vacasa to Lay Off 320 – 5% of Workforce; COO to Leave
Vacasa announced Wednesday that it will lay off 320 employees, including members of local operations and central teams, and that Chief Operating Officer John Banczak is leaving the company.
The layoffs are “designed to align the Company’s expected cost base with its 2024 strategic and operating priorities and continued achievement of adjusted EBITDA profitability in 2024, against a wide range of macroeconomic outcomes,” Vacasa said. “These changes reflect continued efforts to reshape the organization by streamlining the Company’s structure and reducing seniority levels across departments.”
See the email that Vacasa CEO Rob Greyber sent to employees about the staff cuts embedded below.
The downsizing occurred as Vacasa posted a net loss of $76.5 million in the fourth quarter compared with a loss of nearly $302 million a year earlier.
Banczak, an industry veteran who became chief operating officer in October 2022, will stay on through March 31, and will serve as an advisor until September 30. Vacasa contracted an executive search firm to find a new COO.
Vacasa broke down the layoffs like this: They represented 5% of the overall workforce, including 2% of the local operations team and 6% of the central staff.
The staff reductions will cost Vacasa $4 million to $5 million, and this will be spread out over the first and second quarters.
Vacasa said Banczak’s departure as chief operating officer did not grow out of any disagreements between him and the company.
Layoff Rounds
These latest layoffs came after Vacasa fired 280 workers in October 2022, and 1,300 in January 2023.
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