Today, we have made the difficult decision to reduce the size of the Compass team by 15% and to implement significant compensation and spend reductions across the rest of the business.

Of all the decisions we have had to make as new CEOs, this will be far the hardest, and we take full responsibility for all of the changes that have been, and will be made, under our leadership.

As we pursued ambitious scaling and growth goals, we failed to deliver the level of trust and service that made us successful in the first place. Given recent market downturn and anticipated future market conditions, we had to take a hard look at our spend and recalibrate for the future of the business.