Ali Sohani’s Post

Back in May 2021, we had the opportunity to have a companywide session with Max Mullen - Co-founder at Instacart. One attendee asked Max "If you were starting a new company today, what are some things you would do differently this time around?" (Instacart was evaluated at over $30b at that time). Among other things, Max gave a million dollar advice, one that must be absorbed and practiced everywhere, he said: "Setting an incredibly high bar for hiring and recruitment....". Easier said than done, but absolutely necessary. Wait for the right person, don't fall for stats of rejected pool, wait for the right attitude, hire for "slope not intercept", create a strong criteria for culture-fit and NEVER give discounts on that. You need team players much more than individual superheroes. And when all of this in place and working, you'll end up having an amazing culture of collaboration and meritocracy.

Instacart announced Tuesday it will lay off approximately 250 workers, or roughly 7% of its total global workforce, as part of a corporate restructuring plan. Most of the layoffs will be completed by the end of March. “This will allow us to reshape the company and flatten the organization so we can focus on our most promising initiatives that we believe will transform our company and industry over the long-term,” Instacart CEO Fidji Simo said in a Tuesday letter to shareholders. “I am confident this will enable us to execute with even more focus and efficiency moving forward.” Instacart’s chief technology officer, chief operating officer and chief architect are also departing the company, Simo announced. All are leaving for personal reasons, CNBC reported. Only the CTO role will be backfilled. This is an interesting change! Driving better results by the Senior Management and Board of Directors - https://lnkd.in/gnhH3wAs   Ethical and Business Processes - https://lnkd.in/gsFVVy6c   Ethics - https://lnkd.in/gnCuyE5D   ESG HR, Human Rights, and Corporate Governance - https://lnkd.in/gE6kU23Y   Corporate and Data Management Ethical Practices - https://lnkd.in/gPw_KUWf   Close, Consolidate and Reporting – https://lnkd.in/gQ5ENXrK   Emergency, Crisis, and Risk Management - https://lnkd.in/ggeeGUtF   Public Sector Governance - https://lnkd.in/g_-685du   IOT - https://lnkd.in/gVMyjPne   Audit Analytics - https://lnkd.in/gjKBFCBB   Data Management - https://lnkd.in/gHBCBShk   ESG - https://lnkd.in/gTvb5_tx   CFO and Cyber security - https://lnkd.in/gmKwR_bK   Generative AI and the Office of Finance - https://lnkd.in/gnViezNd   Microsoft Excel and the Data Journey - https://lnkd.in/geQx52Ce   Facilities - https://lnkd.in/eTRBrYP3   Customer Success Management - https://lnkd.in/gEtSMeep   Biodiversity - https://lnkd.in/gyQX5Ups      

Instacart to lay off 250 employees, or about 7% of the company, as part of restructuring. Instacart on Tuesday announced it would lay off about 250 employees, or roughly 7% of the company, alongside reporting fourth-quarter earnings that fell roughly in line with analysts’ estimates. The layoffs are focused in part on middle management and creating a flatter organizational structure, according to Instacart, as well as focusing teams on larger projects. Instacart’s COO, CTO and chief architect are departing the company for personal reasons, and the company only plans to backfill the CTO role. $CART https://lnkd.in/gFZZESqU #tradeguard #receivableputoptions #arputs #receivableputs #tradereceivables #accountsreceivables

🛒 Retail Radar - top news of the week (Feb 9- 15) ▪ Instacart to lay off 250 workers, part ways with 3 execs https://lnkd.in/dzUH-4_x The layoffs are part of a restructuring program that will help “flatten the organization” to focus on core initiatives, CEO Fidji Simo said in a letter to shareholders. ▪Why direct-to-consumer darlings such as Casper, Allbirds and Peloton are now struggling https://lnkd.in/dvg3aKsf Is the golden age of direct-to-consumer over? ▪11 digitally native retailers that could file for bankruptcy in 2024 https://lnkd.in/dCgwDTbq While off to a slower start than 2023, filings are expected to continue in the industry, especially among many direct-to-consumer brands. ▪Shopify President says international business is a ‘massive area of growth’ https://lnkd.in/djhwKx8A President Harley Finkelstein told CNBC’s Jim Cramer on Tuesday how the e-commerce platform is bolstering its global business. ▪Under Armour shares jump after it raises profit expectations amid sliding sales https://lnkd.in/dkDhWtgQ Under Armour delivered a mixed set of results for its 2023 holiday quarter after it saw slow sales in its wholesale channel and soft demand in North America. ▪Iconic Body Shop UK enters administration, putting 2,000 jobs at risk https://lnkd.in/d5dCec6D. The beauty retailer, which was just acquired by private equity firm Aurelius in November, will restructure under a process akin to Chapter 11 in the U.S ▪Away lays off 25% of internal staff https://lnkd.in/dASPF-iU Away Just Cut 25 Percent of Its Staff. CEO Jen Rubio Shares the Company's Path Forward ▪Express prepares for possible bankruptcy with debt restructuring https://lnkd.in/d6xMgsGg Express Inc. is restructuring its debt and may file for bankruptcy, the Wall Street Journal reported. #retail #shipping #ecommerce #returns #reverselogistics #retailing #retailnews #ecommercetrends

“Hell no I don’t do that. I ain’t lazy.” This was a phrase someone said to me this morning when I asked them about using Instacart. It occurred to me that not everyone can differentiate between what is lazy, and what adds to your productivity and time equity. As a business owner, time is my most precious commodity. I would rather use my time equity growing my business, spending time with my family or doing things I enjoy doing. Therefore, I am happy to use Instacart, have someone cut my grass, clean my house, use a laundry service or any other app/service based industry that allows me to be more present in the things that I love. If you take this a step further… As a business owner, what business tasks are you taking on that you should be hiring or outsourcing for? Some people might feel like there is an extra merit badge for doing all of the things for their business; however, wouldn’t your business be in a much better place if you were concentrating on the things that you actually love doing and the things that you are good at? Spending money on resources that free up your time equity is anything but lazy. It’s smart and it allows you to truly do what is the most meaningful and purposeful for you. What do you pay someone to do so you can be fully present and truly committed to the things you love? Lemme know in the comments. #timeequity #entrepreneurlife #organzied #smallbusinessowner #productivity #growthmindset #healthcareprovdier

Instacart to lay off 250 workers, part ways with 3 execs In a bid to navigate the challenges of the post-IPO landscape, Instacart, the online grocery giant, recently announced layoffs and C-suite changes, according to a report from Grocery Dive. Following its initial public offering in September, Instacart has faced scrutiny from investors as its shares lingered below the offering price of $30. With pressure mounting to enhance financial performance, the company made strategic decisions to streamline operations and bolster its bottom line. Despite posting a 6% year-over-year increase in total revenue, amounting to $803 million in its latest quarter, and a 7% rise in gross transaction value to approximately $7.9 billion, Instacart's leadership recognized the imperative to demonstrate relentless commitment to growth and profitability. In a letter addressing the layoffs, CEO Fidji Simo emphasized the company's dedication to expanding its market leadership and accelerating online grocery adoption. Simo underscored the importance of positioning Instacart to pursue ambitious endeavors while optimizing operational efficiency. Furthermore, the reshuffling of Instacart's C-suite reflects a strategic shift towards prioritizing higher-margin business opportunities such as advertising and enterprise products. Notably, the elimination of the Chief Operating Officer (COO) role, held by Asha Sharma, signifies a notable departure from conventional corporate structures. Sharma, who joined Instacart three years ago after serving as Vice President of Product for Facebook, will be departing on March 1, as indicated in an SEC filing. Additionally, changes in key leadership roles include Varouj Chitilian, Instacart's Chief Technology Officer (CTO), and Chief Architect JJ Zhuang, both of whom have played pivotal roles in shaping the company's technological landscape. Chitilian, with over 12 years of experience at Google, assumed the CTO role in July 2022, succeeding Mark Schaaf. Similarly, Zhuang, who joined Instacart in 2018, has been instrumental in driving technology and engineering decisions. As Instacart navigates the complexities of the market, these strategic realignments underscore the company's commitment to driving sustainable growth and delivering long-term value to its shareholders. Stay in the loop! Subscribe to our newsletter, Boolanga Business Bites, powered by Wear Your Brand, to get more industry insights!

Instacart slashing workforce! As Instacart unveiled its fourth-quarter financial results, revealing revenue of $803 million, the company also announced a significant restructuring initiative. Approximately 250 employees, constituting about 7% of the workforce, are set to be laid off. In a letter to shareholders, CEO Fidji Simo explained that this move is aimed at reshaping the company and streamlining operations to focus on key initiatives with transformative potential for both Instacart and the industry at large. Notably, this includes strategic advertising collaborations with Roku Inc. and Google Ads. Alongside the workforce reduction, three c-suite executives, COO Asha Sharma, CTO Varouj Chitilian, and Chief Architect JJ Zhuang, are departing for personal reasons. Instacart will only be filling the CTO role. Despite solid Q4 results, which saw increases in orders and GAAP gross profit, Instacart faced a year-over-year decline in GAAP net profit. The company attributed this to the absence of a prior-year health benefit. Looking ahead, Instacart anticipates adjusted EBITDA of $150 million to $160 million for the current quarter. CEO Simo remains optimistic, citing ongoing momentum in order and gross transaction value growth, expanding profitability, and increasing sales share in both small and large baskets compared to other digital-first platforms. She expects strong performance in Q1 2024, with anticipated acceleration in year-over-year gross transaction value growth for a fourth consecutive quarter. #Instacart #restructuring #businessnews #finance #industryinsights #egrocery #retailtech #retail #foodtech

Instacart is laying off 7% of its workforce to refocus the company on higher-margin business streams like advertising and enterprise products. This is certainly where growth lies, but the company needs its core e-commerce business to drive advertising, and it’s certainly not the only company providing technology like smart carts, ESLs and other solutions. Thoughts on what this move means for Instacart and what lies ahead?

E-Food 🇺🇸: Stellenstreichungen und Abbau bei Instacart: Instacart announced Tuesday it will lay off approximately 250 workers, or roughly 7% of its total global workforce, as part of a corporate restructuring plan. Most of the layoffs will be completed by the end of March. 👉🏼 Damit sollte der Aktienkurs von Instacart weiter steigen #efood #egrocery #layoff #platform #platformeconomy #gigeconomy #leh #omnichannel Grocery Dive

Laura M. I wish you the best in your future endeavors. However, with all due respect, I encourage you to learn from past decisions and explore ways to avoid layoffs by utilizing existing human resources to enhance productivity. As a leader, you may move on, but the consequences of your decisions will continue to affect the company's operations. Avoiding layoffs while maintaining effective operations can be challenging, but there are several strategies that can help businesses navigate economic difficulties without resorting to job cuts. Here are some practical approaches: 1. Hiring Freeze: Halting new hires can help manage costs without reducing the current workforce. Instead of hiring new employees, redistribute responsibilities among existing staff. 2. Cutting Non-Essential Costs: Review and minimize non-critical expenses, such as non-essential travel. This can free up resources to retain staff and focus on core business activities. 3. Engage Employees in Cost-Saving Initiatives: Involve employees in brainstorming sessions to identify cost-saving measures. Their insights can lead to innovative solutions that management might overlook (UH SBDC). 4. Enhancing Revenue Streams: Look for new revenue opportunities, such as expanding product lines, offering new services, or creating promotional campaigns that respond to current market demands. This can help mitigate financial losses and support business sustainability (UH SBDC). By implementing these strategies, businesses can better navigate financial challenges and maintain a stable and productive workforce. For more detailed information, you can refer to resources from GrowthForce, SBDC. Thank you! 🙏