AM I NEXT? NO LOVE AT MARSHFIELD CLINIC HEALTH SYSTEM

Marshfield, Wisconsin-based Marshfield Clinic Health System, an integrated health system serving Wisconsin and Michigan's Upper Peninsula, has announced a major reduction in force.

The personnel realignment will impact 346 employees, approximately 3% of the workforce, and leave 500 open positions unfilled.

According to CEO Dr. Susan Turney, “We are not immune to the immense pressure and unprecedented challenges gripping the health care industry in recent years, which has required us to identify ways to be more efficient and more resourceful. Reducing staff is always painful. This is ultimately about preserving the long-term efficiency and sustainability of our organization.”

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?

AM I NEXT? NO LOVE AT EQRX

MAY 10, 2023 — RESET: 170 EMPLOYEES GONE

In what appears to be a massive restructuring of EQRx, the company “announced plans to reset its business.”

Melanie Nallicheri, president and chief executive officer of EQRx…

“Going forward, EQRx will leverage its significant scale of capital and team of experienced ‘drug hunters’ towards developing clinically differentiated, high-value medicines. As part of this business reset, we plan to remove programs from our existing portfolio that are inconsistent with this new vision. Our promising and potentially differentiated early-stage immune-inflammatory programs will be transitioned into a separate entity under EQRx, and we will explore its path as an independent company.”

“We expect that our go-forward streamlined organization will have a significantly lower cash burn, which, when combined with our current $1.3 billion cash position, opens up degrees of freedom to execute against our new strategy.”

The biotech is also cutting ties with two of its partners, letting go of 170 staff members and slashing all assets from its pipeline except one.

APRIL 15, 2023 — Original entry…

Cambridge, Massachusetts-based EQRx, a biotechnology company that once sought to reimagine prescription drug pricing, has announced a further restructuring to conserve cash and improve operational efficiencies.

The restructuring will impact 18% of the company's workforce or 66 employees.

According to CEO Melanie Nallicheri, “Our focus remains on being disciplined with our cash while executing on our priorities and preserving runway into 2028.”

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?

AM I NEXT? NO LOVE AT EMBARK TRUCKS

San Francisco, California-based Embark Trucks, a robotics technology company concentrating exclusively on the software and associated services that power self-driving trucks, has announced a reduction in force. The company appears to be in financial distress.

The personnel adjustment will impact 230 workers. “The decision was based on cost-reduction initiatives intended to reduce operating expenses."

According to the statement filed with the SEC, "On March 1, 2023, the Board of Directors of the Company approved a process to explore, review and evaluate a range of potential strategic alternatives available to the Company, including, without limitation, exploring alternative uses of the Company’s assets to commercialize its technology, additional sources of financing, as well as potential dissolution or winding up of the Company and liquidation of its assets. The Board’s decision comes following an extended evaluation by the Company of alternative markets in which to commercialize its technology as well as an exploration, performed with the assistance of a financial advisor, of a potential sale of the Company."

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?