Novavax lays off hundreds of employees as new CEO goes into rescue mode
Novavax is laying off approximately 400 workers as part of a sweeping campaign by first-year CEO John Jacobs to adapt the vaccine developer to a post-pandemic reality.
The reorg will amount to around 20% to 25% of Novavax’s workforce, according to the company, depending on how existing headcount is tallied. The changes follow a round of cost cuts in April, which lowered first-quarter expenses by $50 million but did not involve letting employees go, according to the company.
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