Root plans to slash 20% of headcount in bid to lower run-rate expenses by $50mn per year
Root has announced plans to reduce headcount by roughly 20% and “right-size” its other non-headcount expenses in a bid to conserve cash by collectively lowering its run-rate expenses by $50mn annually.
The announcement was made in tandem with the company’s Q3 2022 earnings release, where Root disclosed it had reduced operating cash burn by $200mn compared with the same period last year.
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