Agritech logistics company Twiga Foods, based in Kenya, has stated that 59 employees will be let go in a new round of layoffs.
This change is part of a larger plan implemented by Charles Ballard, the new CEO who assumed leadership in May 2024.
Social media users have been discussing the layoffs since they were announced, and many of them have brought up underlying leadership and operational issues that have long plagued the corporation.
Users claim that Twiga Foods has had trouble achieving sustainable expansion even with a change in leadership and a capital increase.
The company’s structure and strategy are perceived to have deeper problems, which are reflected in the layoffs.
Twiga Foods explained the prior layoffs by stating that they were necessary to adapt to a shifting macroeconomic climate by becoming a leaner, more flexible, and more cost-effective company.
The new CEO has started putting his plan into action, and the startup says it will concentrate on a “path to profitability.”
With this approach, Twiga Foods will concentrate on important areas including improved tech solutions, improved logistics efficiencies, and closer relationships with FMCG manufacturers.
“These adjustments will allow us to improve our service offering and lay a stronger foundation for sustainable growth in the years to come,” said Charles Ballard, CEO of Twiga Foods.
The cost of funding for venture-backed firms has increased dramatically over the last two years, as stated by former CEO Peter Njonjo.
As a result, businesses like Twiga Foods are under pressure to reevaluate their business models in order to stay competitive.
We earlier reported Cisco will reportedly let off roughly 4,000 people in its second round of job layoffs this year, as the world’s largest networking corporation focuses on artificial intelligence.
