October 24, 20220 mins read
Below is a message that was sent out to all Snyk employees today from Snyk CEO Peter McKay.
Today is one of the most difficult in Snyk’s history.
Over the course of 2022 while our business has continued to grow, we’ve also witnessed a number of significant market shifts, and, as a result, we are restructuring and reducing our global workforce, impacting 198 employees, representing 14% of our total workforce as of today. Below, I’m sharing how we arrived at this challenging, but necessary decision, how we can collectively support the Snykers departing today and the company’s path forward.
In June, I shared that we needed to adapt to an evolved mindset balancing continued top line growth with profitability and committed to becoming free cash flow positive in 2024. Our business continues to grow aggressively, more than doubling in size each year with currently over 2,300 customers, but we now must operate even more efficiently in order for Snyk to effectively withstand the continued headwinds facing the global economy.
It’s painful to say goodbye to Snykers and friends who have helped to build the foundation of our company, but today’s adjustments are required to best position us for future growth. We will do all we can to support those we part ways with as they seek the next step in their journey.
Enterprise Focus: under Dino DiMarino’s leadership, we are optimizing our Go-to-Market (GTM) organization to further prioritize, scale and more effectively service the enterprise. We will continue driving more efficient engagement for the small to medium-sized (SMB) market through our inside sales and digital success teams as well as leverage our product-led growth motion, cloud marketplaces and our channel partners.
R&D Realignment: with Manoj Nair and Pat Poels at the helm, we are realigning our teams around: developer adoption, a focus on the enterprise and security personas and enhancing our platform depth and capabilities.
Leadership Transitions: Aner Mazur and Karyn Smith will be leaving Snyk. Aner is a passionate and gifted leader who has made long-lasting contributions to our company and culture. He’ll be on board through the remainder of 2022 in order to effectively manage this transition. I am also grateful to Karyn for her guidance and insights over the past year. Effective this week, the Legal Team will now report to Ken MacAskill.
In addition to the above, we are reducing our spend in a number of other key areas including: our global real estate footprint, IT and subscription services and business travel.
To Departing Snykers
Every one of you made important contributions during a pivotal time in our journey, and you will always be a part of Snyk’s story.
Snyk’s Leadership Team is invested in ensuring that you are set up for success as you transition into this next phase of your career. To that end, we’re providing access to the following:
Snyker's Support via Talent Acquisition
Private LinkedIn Support Group
Employee Assistance Program
To Remaining Snykers
Today is focused on the talented colleagues and dear friends leaving us. Tomorrow, we’ll gather for a Company Update where the Leadership Team will provide more context around these changes and answer your questions in an open forum.
I was recently reminded of a quote that inspired the work of Dr. Paul Farmer: Beyond mountains there are mountains. As we conquer one challenge, another one inevitably takes its place. We must remember that the developer security market is still in its very early stages and since Snyk was first formed, we have already scaled many mountains.
Together, by embracing our shared values as one, resilient team, I know we’ll do so again.