SEATTLE (Recycling Monster): Rubicon- the leading digital waste service solutions provider announced job cuts, as part of its ongoing cost-savings drive.
The latest round of cuts resulted in reduction of as many as 20 employees, including Chief Operating Officer Renaud de Viel Castel and Chief Marketing & Communications Officer Dan Sampson. The reductions were primarily in back-office operations and were with effect from 16th February, 2024.
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According to Benjamin Spall, Senior Manager for Communications, the company has been looking into various ways to cut costs since it went public in 2022. Apart from job reductions, the company has also been trying to improve its liquidity position by raising capital and refinancing debt.
The cost-cutting efforts by the company delivered an annual savings of approximately $55 million in 2023. This comprised of laying off as many as 55 employees in late 2022. Also, the company explored the use of latest technologies including artificial intelligence to power its back-office operations, thereby delivering enhanced performance at a reduced cost.
The efforts are expected to help the company achieve positive free cash flow and adjusted EBITDA in the near term. It foresees immense opportunities in its smart cities division as well as business customers’ recycling services division.