Snap has confirmed reports that it will lay off around 20 percent of its employees — approximately 1,300 people — to reduce costs. The company has also canceled most original Snapchat shows (save for the long-running politics and news series Good Luck America) and shelved other projects. For one thing, Snap said it's putting games and mini-apps into maintenance mode. It will also sunset the standalone Zenly and Voisey apps to focus on Snapchat's Snap Map and Sounds features.

On the hardware front, Snap is "narrowing our investment scope in Spectacles to focus on highly differentiated long-term research and development efforts." In addition, the company has halted further development of its Pixy selfie drone only a few months after it started selling the device.

Snap said in a note to investors that the layoffs, project cancellations and other restructuring will save the company approximately $500 million in the annualized cash cost structure relative to the April-June quarter (for which Snap posted lackluster earnings results). The figure includes a $50 million reduction in content costs. The restructuring costs will be around $110 million to $175 million. Approximately $95 million to $135 million of that will likely be incurred in adjusted operating expenses, mostly in the current quarter.

"Unfortunately, given our current lower rate of revenue growth, it has become clear that we must reduce our cost structure to avoid incurring significant ongoing losses," Snap CEO Evan Spiegel wrote in a letter to staff. "While we have built substantial capital reserves, and have made extensive efforts to avoid reductions in the size of our team by reducing spend in other areas, we must now face the consequences of our lower revenue growth and adapt to the market environment."

Speigel noted that the company is restructuring around three pillars: community growth, revenue growth and augmented reality. "Projects that don’t directly contribute to these areas will be discontinued or receive substantially reduced investment," he added. 

Snap has been feeling the brunt of a broader economic slow down. Its share price has slumped by 80 percent this year (though it rebounded slightly following news of the layoffs and restructuring). So far in 2022, the company's year-over-year revenue growth is eight percent, which Speigel said is "well below what we were expecting earlier this year." However, the Snapchat+ subscription service is off to a positive start, with more than a million users signing up within the first month or so.

Meanwhile, company's leadership team has a fresh look. This week, its two top advertising executives departed for Netflix, which will soon start offering an ad-supported tier. Snap has promoted its former senior vice president of engineering Jerry Hunter to the position of chief operating officer. It will also bring in Ronan Harris, Google's UK and Ireland vice president and managing director, as president of its Europe, Middle East and Africa division.

It's the end of an era at the company formerly known as Facebook. Sheryl Sandberg has officially stepped down as Chief Operating Officer on August 1st, as revealed by a SEC filing noticed by TechCrunch. In the filing, Meta said Javier Olivan is now the company's COO and that Sandberg will only remain an employe until September 30th. After that and going forward, Sandberg will serve as a member of Meta's Board and will receive compensation as a non-employee director. 

Sandberg first announced that she was leaving her role as COO of Meta after 14 years in early June. Mark Zuckerberg revealed at the time that Olivan will take on the COO role, but that his responsibilities will be different from Sandberg's. Olivan will have a "more traditional COO role where [he] will be focused internally and operationally, building on his strong track record of making our execution more efficient and rigorous," the company CEO said. 

As The Wall Street Journal noted in a piece about Sandberg back in June, she joined Facebook in 2008 and led the business side of the company, allowing Zuckerberg to focus on engineering work. In more recent years, she became the face of the social network when it comes to leading public response to controversies, such as the Cambridge Analytica scandal.

Before Sandberg announced her departure, The Journal reported that the Meta COO used company resources to help kill negative reporting about Activision CEO Bobby Kotick, who she was dating at the time. In mid-June, the publication also reported that Meta’s lawyers are investigating Sandberg's use of the company's resources and employees for her foundation and to promote her book Option B. 

Sandberg is leaving the company just as it has started preparing for "serious times." In a meeting with employees, Zuckerberg revealed that Meta is experiencing "one of the worst downturns [it has seen] in recent history." As a result, Meta had to slash its target number for new engineers this year. In addition, company leadership reportedly told managers to identify poor performers and to "move to exit" them if they can't get back on track. 

Volkswagen is shaking up its leadership. The automaker has announced that group chairman Herbert Diess will leave at the end of August. Porsche chairman Oliver Blume will take over the role (while preserving his existing position) as of September 1st. The company didn't explain Diess' exit, but said the move was the result of a "mutual agreement."

Diess has a somewhat mixed track record. He replaced former chief Martin Winterkorn as the Dieselgate emissions cheating scandal unfolded in 2015, and was meant to help VW move past a dark chapter in its history. In 2019, though, German prosecutors charged Diess with stock manipulation for allegedly delaying reports on the cheating to minimize the impact on company shares. Diess' attorney contended that the executive joined VW too late to understand the ramifications of the scandal, but the allegations still tarnished the leader's reputation.

At the same time, there's little doubt that Diess oversaw an important moment in VW's history. He helped the company start its transition to EVs and self-driving cars. He also prepared for declining car ownership by fostering mobility services. Much of VW's business still depends on conventional combustion engine vehicles, but it now expects EVs to represent half of its sales by 2030. If the Dieselgate-era VW was clinging to the past, Diess' company was bracing itself for the future.

Don't expect a radical change under Blume. The new chairman will "press ahead" with the transformation that largely began under Diess, according to VW. Blume may serve as a custodian in that regard, but that won't necessarily be a problem if the company continues to expand and improve its EV lineup.

Alex Kipman, the lead developer of Microsoft HoloLens, is leaving the company, according to Insider. His departure comes after the same publication reported allegations that he engaged in inappropriate touching and comments towards female employees. He also reportedly fostered a culture that diminished women's contributions. After Kipman told his team about his resignation, Microsoft cloud and AI VP Scott Guthrie announced a reorganization that would split the HoloLens group. In an email that's also viewed by GeekWire, Guthrie said that the HoloLens hardware teams are joining joining the Windows + Devices group under Panos Panay. Meanwhile, the software teams are joining the Experiences + Devices division under Jeff Teper.

Guthrie also wrote that he and Kipman have been talking about the team's path going forward over the past few months and that they had "mutually decided that this is the right time for him to leave the company to pursue other opportunities." Kipman will apparently help with the team transitions over the next two months before leaving Microsoft entirely. 

In the previous Insider piece that reported on allegations against Kipman, a source said he watched what was essentially VR porn in the office in front of his employees. A former executive also told the publication that they had witnessed him behave inappropriately towards women more than once. He recalled an incident wherein Kipman allegedly kept massaging a female employee's shoulders even after she kept shrugging her shoulders to get him to stop. Managers were reportedly telling employees not to leave women alone around him. Eventually, 25 people got together to compile a report about the bad experiences they had with the executive. 

Microsoft didn't confirm or deny the allegations to Insider, but the company told the publication that "every reported claim [it] receive[s] is investigated, and for every claim found substantiated there is clear action taken."

Nick Clegg, the former UK politician turned Facebook executive, has been promoted. Clegg is now the President of Global Affair at Meta, a position that reports directly to Mark Zuckerberg.

Clegg was already seeing much of Meta’s policy positions as VP of Global Affairs and Communication, a position that reported to COO Sheryl Sandberg. But the new title underscores how much Zuckerberg has relied on the former Deputy Prime Minister as Facebook deals with numerous scandals, investigations and the prospect of increased government regulation.

He first joined Facebook in 2018, after his political career abruptly imploded. Facebook officials had hoped he could help the company improve its tarnished reputation following Cambridge Analytica, and guide its interactions with lawmakers and government officials.

Since then, Clegg has played a significant role in some of Facebook's most controversial decisions in recent years, including its handling of Donald Trump’s suspension. Clegg was also the chief spokesperson for the company’s much-maligned decision to exempt politicians from fact checking. Elevating Clegg now could also help shield Zuckerberg and Sandberg from future controversies as he becomes the face of Meta’s policies. The former politician will also likely continue to represent the company at hearings and other interactions with government officials.

“Nick will now lead our company on all our policy matters, including how we interact with governments as they consider adopting new policies and regulations, as well as how we make the case publicly for our products and our work,” Zuckerberg wrote on Facebook. “As Nick takes on this new leadership role, it will enable me to focus more of my energy on leading the company as we build new products for the future, and it will support Sheryl as she continues to focus on the success of our business.”

The new role comes amid some bigger changes at the company now known as Meta. Besides an impending pivot from social networking to the metaverse, the company also just rebranded its News Feed to “Feed” and informed employees they will now be known as “Metamates.”

In a comment on Zuckerberg’s Facebook post, Clegg wrote that the company is at “an important inflection point.” “Our existing, and future, products will continue to be a subject of intense societal interest and debate. I am hugely looking forward to playing a role in that debate on our behalf, and ensuring that we have the right policies to both reflect our responsibilities and to support the building of innovative new products for years to come!”

Peloton laid off around 2,800 corporate employees as part of its attempt to get past its growth struggles following a meteoric rise to fame in the early days of the pandemic. Some of them are understandably upset and angry, and according to CNBC, some of them have crashed the company's first all-hands meeting meant to introduce the new CEO. 

In addition to letting 20 percent of its workforce go — no instructors were affected by the layoffs — Peloton also replaced its top executive. John Foley, who's also a company co-founder, stepped down and was replaced with former Spotify COO Barry McCarthy. CNBC says both former and current employees fired off angry comments in the meeting's chat section, with one calling the all-hands "awfully tone deaf." 

Another person proclaimed that they're selling all their Peloton apparel to be able to pay their bills. "The company messed up by allowing people who were fired into this chat," said yet another person. The meeting, attended by both Foley and McCarthy, was reportedly cut short.

Peloton was massively popular just over a year ago and even reached a market value of $50 billion in January 2021. Now, it's worth around $8 billion dollars, and bigger companies like Amazon and Nike are reportedly showing interest in acquiring the fitness equipment maker. While Peloton didn't say outright that it was planning to let people go, Foley previously said that the company "need[s] to evaluate [its] organization structure and size of [its] team" to make the business more flexible. That was part of his response to an older CNBC report claiming that the company was halting Bike and Tread production. Foley denied the rumor. 

The former CEO also didn't say whether the calls for him to be ousted were part of the reason he's stepping down. Activist investor Blackwells Capital previously accused him of misleading investors about certain information, among other things that cost the company $40 billion. "I have always thought there has to be a better CEO for Peloton than me," Foley said when McCarthy was formally named as the company's new CEO. McCarthy is expected to use his knowledge of content-driven subscription models to keep Peloton running, but he clearly has to win over his own employees first. 

Three YouTube executives are moving on from the platform, including head of gaming Ryan Wyatt. Senior director of creator partnerships Jamie Byrne and vice president and global head of product partnerships Heather Rivera are departing too.

“Like many other companies, we’ve seen some of our people choose a new direction in the new year,” YouTube told Tubefilter. “We are also fortunate to have a deep bench of talented leaders to take our business forward. We thank Heather, Jamie, and Ryan for their incredible contribution to YouTube over the years and can’t wait to see what they do next.”

Wyatt, who also led YouTube's virtual and augmented reality projects, joined Google in 2014 after a career in esports and live events. He said on Twitter that he's leaving YouTube in the coming weeks to join Polygon Technology, a company in the Web3 space, where he'll head up the Polygon Studios division.

Wyatt wrote that he'll be "focused on growing the developer ecosystem through investment, marketing and developer support." He'll oversee gaming, entertainment, fashion, news, sports and other areas for Polygon Studios.

During Wyatt's tenure, YouTube has added a number of features to cater to gaming-focused creators and viewers, such as subscriptions, Super Chat and clips. In 2020, YouTube secured the rights to stream Call of Duty League and Overwatch League events for three years. The service has also lured several high-profile streamers away from Twitch over the last few years, including Jack "CouRage" Dunlop, Rachell "Valkyrae" Hofstetter, Tim "TimTheTatman" Betar and Benjamin “DrLupo” Lupo.

Byrne had been with YouTube since 2006 and most recently was overseeing areas like creator acquisitions and Shorts partnerships. According to Tubefilter, he's joining NFT endeavor Bright Moments to lead operations and partnerships — just as it seems YouTube may be getting into NFTs. Rivera, meanwhile, was involved in growing ad-supported and subscription businesses, such as YouTube TV.

Mustafa Suleyman, a co-founder of artificial intelligence research company DeepMind, has left Google to join venture capital firm Greylock Partners. Suleyman has brought to an end an eight-year run at Google, where he was most recently the company’s vice president of AI product management and policy.

He joined Google when it bought DeepMind in 2014 and became the latter’s head of applied AI. Suleyman was reportedly placed on administrative leave in 2019 following allegations that he bullied employees. Suleyman, who moved to Google at the end of that year, said on a podcast with Greylock partner Reid Hoffman this week that he "really screwed up" and that “I remain very sorry about the impact that that caused people and the hurt that people felt there.”

As The New York Times notes, Suleyman was among those who resisted Google's AI endeavors with the US Department of Defense. Google ended up backing out of that project, though in November it said it was making a bid for the Pentagon's Joint Warfighting Cloud Capability cloud contract.

DeepMind may be best known for its AI systems that can compete with the best human players of certain games. Google has also employed DeepMind's knowhow to improve arrival time estimates in Google Maps, track wildlife and detect breast cancer.

General Motors announced Thursday that Dan Ammann, CEO of its self-driving vehicle division, Cruise, is leaving both his position and the company. Details are remain scarce on the reason for Ammann's sudden departure, though the company has already named Cruise President and CTO Kyle Vogt the interim CEO. What's more, former Northrop Grumman CEO, Wesley Bush, will be joining the Cruise Board of Directors as well.

"GM will accelerate the strategy the company detailed in its recent Investor Day, in which Cruise will play an integral role in building GM’s autonomous vehicle (AV) platform as GM aggressively pursues addressable AV markets beyond rideshare and delivery," GM PR wrote in Thursday's staffing announcement. 

The move comes weeks after the company earned DMV approval to offer autonomous rides to the California public in October and the launch of its driverless taxi service this November.

LG has appointed a new CEO to lead its electronics business. Starting December 1st, current Chief Strategy Officer William Cho will take over for Bong-seok Kwon as the CEO of LG Electronics. Meanwhile, according to The Korea Herald, Kwon will head up LG’s main holding company. Cho has been with LG Electronics since 1987. Prior to his most recent role, he served as the president of LG Canada, and later had the same role at LG Australia and LG USA.

Cho is about to take the reins of LG Electronics at an inflection point for the company. It recently shut down its mobile division in July after the unit failed to make a profit in 23 consecutive quarters. At this point, LG Electronics is probably best known for its TVs and monitors, but there too it faces tough competition from Samsung and a variety of Chinese competitors. 

However, Cho will have help from a handful of executives the company has shuffled into new positions. Most notably, there’s Ik-hwan Jang who’s about to take up the top position at the company’s Business Solutions unit. Jang was most recently responsible for overseeing LG’s IT business portfolio where he helped LG become a powerhouse in the monitor space.