Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’:
Bolt CEO Ryan Breslow announced the elimination of the company's entire HR team, claiming they created non-existent problems. This decision is part of broader workforce cuts that have seen approximately 30% of employees laid off as the company struggles to recover from a significant valuation drop. Breslow emphasized the need for a more efficient and productive work culture, stating that many employees had developed a sense of entitlement during the company's previous success.
- ▪Breslow stated that the HR team was creating problems that didn't exist, which disappeared after their dismissal.
- ▪Bolt's valuation fell from $11 billion in 2022 to around $300 million by 2024, leading to multiple layoffs.
- ▪Breslow claimed that a culture of entitlement had developed among employees, which he needed to address by letting many go.
Opening excerpt (first ~120 words) tap to expand
“We got rid of our HR team.”Recommended Video For most executives, that’s a sentence likely to provoke intense anxiety. But for Bolt CEO Ryan Breslow, it was unavoidable. Speaking at Fortune’s Workforce Innovation Summit on Tuesday, the 31-year-old defended sweeping workforce cuts at Bolt—including a recent layoff affecting roughly 30% of employees—as well as his decision to eliminate the company’s HR team. “We had an HR team, and that HR team was creating problems that didn’t exist,” Breslow told Fortune editorial director Kristin Stoller. “Those problems disappeared when I let them go.” The move may sound drastic, but Breslow said it was a necessary step to resurrect the struggling fintech company he first cofounded in 2014 in his Stanford dorm room.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Fortune.
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