Fifteen percent of Corbis employees are losing their jobs in cuts orchestrated by incoming CEO Gary Shenk, reports PDN.Corbis said it was letting go 160 employees in 17 offices worldwide. The lost jobs span many departments and include positions as high as vice president.
The image giant is also getting out of two businesses in which it had struggled: assignment photography and digital asset management, a service aimed at managing corporate media libraries.
The cuts are designed to make the Bill Gates-owned photo agency profitable for the first time. Shenk says Corbis is meeting its financial targets for 2007 and the layoffs are not related to 2007 performance.