The Open Society Foundations, a nonprofit organization founded by billionaire George Soros, is planning to reduce its staff by at least 40% in the upcoming months, Bloomberg reports. This decision comes after the recent handover of control from George to his son, Alex Soros.
Significant Changes Ahead
According to a spokesperson, the board of the charity has approved “significant changes” to its operating model, including a substantial reduction in global headcount. The Open Society Foundations, which has received over $32 billion in donations from Soros, had more than 500 employees at the end of 2021.
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Transforming Operations
The board’s aim is to create a more agile organization, according to a statement signed by Alex and the nonprofit’s president, Mark Malloch-Brown. Despite these internal changes, the board remains committed to the foundation’s core priorities, which include democracy, human rights, climate justice, and addressing inequity.
Financial Implications
The charity’s largest expense in 2021 was compensation, with nearly $72 million spent on pay and an additional $40 million on benefits and pension plans, Bloomberg noted. The foundation, which supports a range of humanitarian and democratic causes, controls the majority of assets managed by the Soros family office, valued at $25 billion.
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