Careerbuilder has cut 120 employees, or 4 percent of its workforce, after the purchase of the digital job-listing company by private equity firm Apollo Global Management and the Ontario Teachers’ Pension Plan Board in June. Private equity firms often reduce staff to reduce costs and improve profit margins.
“This was a difficult decision,” Careerbuilder CEO Matt Ferguson said in a statement. “We are investing more in areas with high demand and high growth potential and investing less in areas that are not core to our business. We believe the restructuring will provide more operational efficiencies and enable CareerBuilder to make a greater impact on employers and workers in our communities going forward.”
CareerBuilder got its start in the mid-1990s as an online classified advertising site formed by a group of newspapers, that wanted to have a digital presence and preserve advertising revenue tied to job listings. It was one of the first websites tailored to help job seekers and employers find each other online, and to provide advertising alongside that function.