The New York and Los Angeles offices of VaynerMedia are going through another restructuring today accompanied by a round of layoffs.
Several parties including both current and former employees have reached out to us regarding the move, claiming that those affected are primarily members of the agency’s creative and production departments.
We cannot confirm the total number of departures, but according to at least four separate sources, the number is currently in the double digits. One current staff member tells us that the move stems from a series of unsuccessful new business pitches that CEO Gary Vaynerchuk mentioned in the last agency “All Hands” meeting.
Vaynerchuk provided the following comment:
“VaynerMedia is always trying to be better. I feel that most agencies and businesses don’t evolve or adjust, and then we criticize the business for not doing anything about it. It’s my responsibility to build the best company I can, and I will try.”
The CEO has called another All Hands meeting for this afternoon.
One of those laid off today tells us that “all levels” were affected with a particular emphasis on Vayner’s Studio and its new office at Hudson Yards. According to another party, the agency looks to place more emphasis on media pitches while re-examining its strategy of winning new business by beating competitors on price. A majority of the agency’s revenue comes from its media accounts.
VaynerMedia went through a similar round of layoffs in January, but the CEO was not directly involved according to those who spoke to us at that time.
Aside from any changes at his agency, Gary is still very actively doing his thing. Here’s the latest episode of #AskGaryVee featuring Charlamagne Tha God.