Board/Management Information • Jun 18, 2024
Board/Management Information
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Schibsted ASA (SCHA/SCHB) - Schibsted ASA initiates organisational changes and cost measures
18.6.2024 07:00:01 CEST | Schibsted | Inside information
Schibsted ASA ("Schibsted" or "Schibsted Marketplaces") today announced the
first steps to optimise costs and improve efficiency in the process of
transforming into a more focused marketplaces company. On 24 June, Schibsted
will enter into employee consultations regarding planned organisational changes
that would reduce its workforce by an estimated 250 positions.
In conjunction with the process to divest Schibsted's news media operations,
which was completed on 7 June, the company started an extensive review with
regards to its future strategic direction and organisational setup for the
remaining marketplaces company. That work is expected to be concluded in the
fourth quarter 2024, but it is already clear that Schibsted Marketplaces will be
focused on its four core verticals: Mobility, Real Estate, Jobs and Recommerce.
Unlocking their full potential will require a simpler and more cost effective
organisation.
Christian Printzell Halvorsen, CEO of Schibsted Marketplaces, comments:
"After completing the divestment of Schibsted Media, we are now in a position to
start taking decisive measures to improve our profitability as a more focused
company, and to adjust to the macroeconomic environment. The announced actions
will simplify our organisation and management structure, and remove legacy cost
structures. By finding new and effective ways of working, we have a tremendous
opportunity to leverage our strong positions and product offerings, positioning
us for further growth and value creation."
As a first step, Schibsted Marketplaces has drafted an updated organisational
structure. If implemented this would entail a reduction of approximately 250
positions across Norway, Sweden, Finland and Denmark. Final decisions and
potential redundancies are pending consultations with employee representatives
and unions, expected to conclude in September 2024.
"These are not decisions we make lightly. We intend to conduct this process
transparently, fairly and with respect for each individual who may be affected,"
says Printzell Halvorsen. "However, it's also important to emphasise that this
is not a one-off, but rather the start of a journey of continuous improvement
and cost focus. Simplifying Schibsted Marketplaces is imperative to unleash our
full potential as it will enable us to pursue an ambitious growth agenda."
Over the next months, Schibsted will finalise its future strategy,
organisational setup and financial framework, which are expected to be presented
at a Capital Markets Day in the fourth quarter 2024.
Media contacts:
Norwegian media:
Kristine Eia Kirkholm
Head of Communications Schibsted Nordic Marketplaces
+47 932 47 875
Swedish media:
Daniel Frykholm
VP, Head of Group Communication
+46 70 206 77 86
Contacts for investors and analysts:
Jann-Boje Meinecke
VP, Head of Investor Relations
+47 941 00 835
Malin Ebenfelt
Investor Relations Officer
+47 916 86 710
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847482/18145048/4663/Download%20announce
ment%20as%20PDF.pdf
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