According to the two chiefs, SPH Media had to “urgently and aggressively” hire tech staff following its restructuring in December 2021. “This ramp-up was needed to catalyse and power the earlier phase of transformation. But we recognise that it is not a level that we can afford to sustain beyond 2024.”
SPH Media will let go of 34 staff — 10% of its employees in its tech division — citing a need to cut costs after tech expenditure rose to nearly a fifth of the company’s annual expenses.
Chief operating officer Loh Yuh Yiing and chief technology officer Kaythaya Maw announced the layoffs in a note to SPH Media staff on Nov 4, reported The Business Times and Lianhe Zaobao, two of the daily papers in SPH Media’s stable.
