Soros' foundation lays off 40% of staff, undergoing 'significant changes'

A month after 92-year-old George Soros handed over the reins of his multi-billion dollar Open Society Foundation to his son Alexander Soros, the foundation has announced to lay off 40 per cent of its staff, as per a report in Fortune. 

The Open Society Foundations, which was established in 1979, announced on Friday that it will be undergoing “significant changes” to its operational structure. As per media reports a spokesperson stated, “The Board has directed Open Society's senior leadership to proceed with the work necessary to implement this new approach in accordance with local requirements and obligations to our employees and representatives.”

George Soros has donated  $32 billion to his foundation since 1984. The non-profit organisation has about 800 employees across the world.

Speaking about the job cuts, an Open Society Foundations spokesperson told CNN that “difficult decisions” needed to be made to implement the organisation’s new vision and it planned to reduce its manpower by 40 per cent globally.