Alphabet-owned Verily eliminates 15% of staff as it streamlines operations

Independent subsidiary of Alphabet, Life Sciences company, Verily said it was eliminating 15% of its workforce, in a blog post, on Thursday. Shared by Verily CEO Stephen Gillett, in part, with all Verily employees: "This is an important day for Verily, as we announce our refined strategy, prioritized portfolio and simplified operating model. This is work that has been in process for many months, and it’s time to begin sharing our path forward with you…We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model. We will advance fewer initiatives with greater resources. In doing so, Verily will move from multiple lines of business to one centralized product organization with increasingly connected healthcare solutions. Going forward, we are going to do fewer things and leverage our strengths and capabilities in the process. This aligns with our purpose and puts us on a faster path to value creation for our customers and ultimate commercial success. Products will largely fall into research or care…to enable greater focus on our updated portfolio, we are discontinuing the development of Verily Value Suite and some early-stage products, including our work in remote patient monitoring for heart failure and microneedles for drug delivery…we cannot do everything and have had to make some difficult choices. Some Veeps will be redeployed to other teams; others will unfortunately be leaving us. These people have helped make Verily the company it is today, and I know how hard it is to see valued friends and colleagues depart. I have promised you all transparency in what we’re doing, and this means we have eliminated approximately 15% of Verily roles due to discontinued programs, full control of Granular and Onduo, and redundancy in the new, centralized organization. We will continue in our search for Verily’s next Chief Financial Officer, to be announced separately. We are hiring for a new Chief Scientific Officer, to be announced separately. Jordi Parramon, President of Verily’s Devices business, will be leaving the company later this year, and will stay on as an advisor to help with the transition period." The Fly notes that on August 10, 2015, Sergey Brin announced that Verily would become an independent subsidiary of Alphabet. This restructuring process was completed on October 2, 2015. Reference Link