JANUARY 25, 2023 — RESTRUCTURING WITH 250 LAYOFFS
The company, responding to a difficult mortgage market, has conducted an organizational restructuring and a second round of layoffs impacting 24% of its workforce, or over 250 jobs.
CEO Duane Andrews noted, “We are consolidating different teams, so there’ll be some leadership roles eliminated because of redundancy. Folding up departments makes sense when volumes are so low that you can’t sustain as many managerial positions at that point. So, we did that in a way that really makes sense for our business.”
“This reduction in force is really a restructuring of our company as opposed to a right-sizing of the company — a fundamental restructuring of our company to meet the market where it is today, and to be where it’s going to be in the future.”
Kenon Chen, EVP of corporate strategy, added, “We don’t take for granted the impact that this has on people, the impact on their families and to their careers. We don’t take any of those things lightly. This decision is being made with that in mind, but knowing that, it’s the right thing to do — not only for the health of the company moving forward but also for the sake of our customers and those that we want to continue to serve. We think this will put us in a very comfortable position to continue to reinvest in our technology and solutions for the foreseeable future. Of course, we’ll always have to continue to navigate market changes as it happens, but we feel confident that this structure is going to give us the operating approach we need to be very resilient, even if the market declines further.”
NOVEMBER 10, 2022 — Original Post…
Reno, Nevada-based Clear Capital, a national real estate valuation technology company, has announced a restructuring of all company divisions to reduce expenses that include a reduction in force at its Roseville, California office.
The personnel adjustment will impact 108 employees at the Roseville office on December 16, 2022.
According to Clear Capital CEO Duane Andrews, “Clear Capital is restructuring all company divisions to reduce expenses and support our future business strategy amidst today’s housing market reality."
"This will allow us to refocus the business on key areas and ensure we are on track for sustainable growth. The impact of a rising interest rate environment in the mortgage industry has resulted in a significant decrease in volume from our customers, which has forced us to make some difficult decisions. We are working closely with each employee during this transition."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
