Personal finance startup NerdWallet recently let go of more than 40 employees, TechCrunch has learned. As part of the changes, NerdWallet VP of growth Henry Hsu left the company and NerdWallet COO Dan Yoo is moving into an advisory role.
Hsu previously spent two years as a general manager at Box and three years at LinkedIn before that. Yoo, who joined NerdWallet in 2014, was formerly the VP of business operations and analytics at LinkedIn.
“Despite a record-breaking quarter, NerdWallet has decided to shift resources to align by consumer pain points, rather than by financial product families, and to consolidate multiple execution orgs under our CPO, Tapan Bhat,” NerdWallet CEO Tim Chen told TechCrunch in an email.
“We truly appreciate the contributions that these executives and departing Nerds have made,” Chen added. “Severance packages have been provided to all departing Nerds to make the transition as smooth as possible.”
The layoffs come just a few months after NerdWallet brought on Bhat as its first chief product officer. The layoffs represented 8 percent of NerdWallet’s staff; the company currently employs 440 people.