Clearco laying off 25% of staff, Michele Romanow steps down as CEO

After two layoffs in the summer, Clearco is once again trimming its headcount.

News outlets, including CBC News, reported on Jan. 16 that the Toronto-based e-commerce investing company has begun cutting approximately a quarter of its workforce.

The reduction comes after Clearco eliminated 60 jobs in August and laid off 125 workers in July — citing concerns about uncertainty across the e-commerce sector.

Before the July layoffs, reports claim that the company had around 500 employees globally.

Dragon’s Den star no longer CEO

In addition to the job cuts, Clearco co-founder and Dragon’s Den star Michele Romanow confirmed that she is stepping down as CEO.

“As a founder, the most important thing to me is the long-term vision of Clearco,” Romanow said in an e-mail to The Financial Post.

“After running this company for the last eight years, it was obvious we needed new leadership to take the company to new heights.”

A Clearco spokesperson said Andrew Curtis has been chosen to succeed Romanow as she becomes co-executive chairman.

Curtis, who joined the company as an adviser in July, has worked for several major U.S. investment banks, including Merrill Lynch & Co. and Lazard Freres.

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