The succession of the Open Society Foundations previously controlled by controversial billionaire businessman George Soros to his son Alexander Soros has had a downsizing effect on the company, quite literally.
The New York headquartered ‘Non-Governmental Organisation’ is preparing to downsize its workforce by at least 40 per cent, it has emerged.
The announcement of these layoffs was made jointly by Alexander Soros and the foundation’s president, Mark Malloch-Brown, as they revealed plans for significant changes in the organisation’s operating model.
According to the statement, the Board aims to revamp operations across the world to create a more responsive organisation capable of addressing ‘pressing challenges’.
At present, the Open Society Foundations employs approximately 800 staff members worldwide.
A spokesperson for the foundation said in a statement the new vision required making difficult decisions and that they intend to reduce the headcount by at least 40 per cent globally.
With a net worth of about $8.5 billion, George Soros is the founder of the Open Society Foundations, which supports civil society groups worldwide in their purported efforts to promote freedom and democracy.
Succession at the Open Society Foundation
In June, George Soros appointed his son Alexander, as the organisation’s new chairperson.
In an interview with the Wall Street Journal, Alexander had said that he and his father held similar views on politics.
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Since taking over as chairperson of the organisation, Alexander Soros has been active in engaging with leaders and officials worldwide. Reports point out that he recently held meetings with leaders such as Brazil’s President Luiz Inácio Lula da Silva and Canada’s Prime Minister Justin Trudeau.
George Soros’ criticism of Narendra Modi
Soros has been critical of India’s Prime Minister Narendra Modi deeming him to be a ‘threat’ to democracy.
In response, India’s ruling party Bharatiya Janata Party has accused Soros of trying to interfere in India’s democratic processes.
Earlier last month, Smriti Irani, a minister in Prime Minister Narendra Modi’s government accused Opposition leader Rahul Gandhi of having associations with individuals financially supported by Soros, who she said seek to destabilise India’s democratically elected government.
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