Jeff Mancini, the CEO of Arizent, the parent company of American Banker and The Bond Buyer, sent out the following to company employees on Thursday:
Dear Arizent Team.
As we ready our business for a successful year, we are refocusing some parts of our business around our goals. With a relentless focus on advancing careers and businesses through relevant knowledge and skills, focused peer connections, and solving critical business challenges, I believe we will grow alongside our customers. You will notice an investment in new resources and partnerships as we move into the year. At the same time, we need to align our cost structure with our revenue to maintain a healthy business with growth opportunities for our teams.
To that end, we have scaled back operational expenses wherever possible. However, we have decided to eliminate a small number of positions across the business. For a company that stands for community, this was especially hard to consider.
I want you to know a couple of things:
First, no more role reductions are planned. We anticipate accountable performance and healthy growth moving forward. There is a clear plan to achieve this which is already in motion.
Second, this is no one’s fault, it was just a necessary step in refocusing our business. We recognize the significant contributions these individuals have made, and we extend our sincere appreciation for their hard work and dedication.
I’m sure many of you have questions, so I will be hosting a Town Hall tomorrow at 10:00AM EST to answer them. I’ll share more details and where we are heading from here. As a reminder, any media inquiries should be directed to me.
Arizent also operates National Mortgage News, Accounting Today and Financial Planning.