Montreal online tutoring firm Paper cuts 45% of head office jobs, replaces CEO.

Montreal online tutoring firm, Paper, has cut 45% of its head office jobs and replaced co-founder Philip Cutler as CEO with Richard Yang, an executive from Silicon Valley. This is the fourth round of layoffs since early 2023, when the company employed around 500 workers. Despite experiencing significant growth during the pandemic, with its user base expanding from 50,000 to over two million in two years, Paper has struggled to maintain momentum. The company raised $380 million in funding from investors such as SoftBank and IVP, valuing it at $1.5 billion. The board believes that Yang's leadership style and experience in repositioning companies for sustained growth will benefit Paper. [Extracted from the article]