Meta Platforms is reportedly continuing its headcount reductions by looking to cut down on the number of vice president positions.
The company aims to reduce the number of vice president positions from the 300 it had last year to about 250, Seeking Alpha reported Wednesday (June 12).
Meta did not immediately reply to PYMNTS’ request for comment.
This news comes after thousands of job cuts were announced by Meta over the past two years.
In March 2023, the company said it planned to lay off another 10,000 employees after cutting 11,000 jobs in November 2022. The company also said at the time that it would freeze hiring for another 5,000 roles that had been open.
The 11,000 layoffs announced in November 2022 accounted for 13% of Meta’s workforce at the time and were the first wide-ranging layoffs in its history. Meta CEO Mark Zuckerberg said when announcing those cuts that the move was driven by online returning to prior trends after having increased during the pandemic.
The following round of layoffs announced in March 2023 were part of a restructuring plan that aimed to flatten the company’s organizations, cancel lower priority projects, slow hiring rates and reduce the size of the recruiting team.
When announcing that round of job cuts, Zuckerberg said Meta’s moves would be guided by some principles focused on making it “an even stronger technology company.”
Those principles include removing multiple layers of management and giving managers as many as 10 direct reports, canceling projects that are duplicative or of lower value, making every organization leaner, building an optimal ratio of engineers to other roles, investing in artificial intelligence (AI) and other tools and studying the effectiveness of a distributed workforce.
In the company’s most recent earnings report, Meta said its capital expenditures on AI and the metaverse-development division Reality Labs will range between $35 billion and $40 billion by the end of 2024.
That total was $5 billion more than it initially forecasted for developing new AI products for consumers, developers, businesses and hardware manufacturers.
In May, Zuckerberg formed a product advisory council to provide guidance on the company’s AI and technology efforts.
