TurboTax-maker Intuit Inc has cut 715 jobs, its Chief Executive Officer Sasan Goodarzi said in a note to employees on Monday, a move that is a part of the company's ongoing strategy to become an AI-driven platform.
The income-tax filing software firm also said it will revamp its customer experience, technology and sales strategies, among others, as a part of the transformation announced early last year.
All impacted employees will receive a minimum of four weeks of pay, and two additional weeks for every year of service, the CEO said in a note that was posted on the company's blog https://www.intuit.com/blog/news-social/a-message-from-intuit-ceo-sasan-goodarzi-to-intuit-employees/?amp=1.
"We took a careful review of the company, looking for redundancies in tools, systems and for roles that were not aligned to where we are investing for the future", Goodarzi said in the note.
"We now have much more clarity on where we need to invest to accelerate change and the skills we need."
Intuit had 9,816 employees as of May 4, 2020 and the 715 job reductions form 7.3% of this headcount.
The company also said it plans to add more than 700 roles to build the capabilities needed for its future.
The California-based company had said https://www.reuters.com/article/us-credit-karma-m-a-intuit/intuit-to-buy-credit-karma-for-71-billion-in-cash-and-stock-deal-idUSKCN20I2EZ in February it would buy privately held personal finance portal Credit Karma for about $7.1 billion, the largest deal ever in its 37-year history, in a bid to expand further into consumer finance.