Coinbase's Chief People Officer Resigns After Laying Off 700 Employees

Coinbase's Chief People Officer Lawrence Brock has resigned from his position effective August 17, just 11 weeks after the company laid off approximately 700 employees in May. The layoffs resulted in a headcount reduction of about 14% and cost around $50-$60 million in severance payments.

Brock was responsible for overseeing the restructuring process, which included freezing hiring and pulling back accepted job offers in June 2022. He will continue to advise Coinbase until November 30 under his exit deal, which pays him $182,500 for three months of work.

The departure marks the fourth senior exit at Coinbase since July 8, heightening concerns about governance and investor confidence risks for the company. The layoffs were part of a broader effort to adapt to the AI era and promote internally to build an 'everything exchange', which includes stocks, derivatives, and regulated prediction markets next to crypto.