BIZ BUZZ: Hush-hush purge
A ride hailing firm famed for its sassy comebacks and hilarious marketing stunts has found itself strangely silent amid a recent controversy.
While known as a commercial success, this company was forced to lay off a chunk of its workforce during a hush-hush purge weeks ago that has so far evaded media coverage, Biz Buzz sources revealed.
The individuals who were laid off recall being summoned to a Makati City hotel location, under the impression they were attending a standard, albeit hastily arranged, business meeting.
Upon arriving, they were ushered into one of the meeting rooms where company lawyers lay in wait, ready to deliver the bad news.
The lawyers explained that the company was bleeding since the recent pandemic and they had to cut costs. Before leaving, employees had to immediately surrender all their company laptops and other equipment.
Several employees already voiced concerns they were being overworked in the weeks leading to the layoffs. This is no surprise since the company has recently announced plans to enter a new segment and grab market share from the dominant player, which is a regional giant.
We’re told that this company, a trailblazer in the ride hailing niche that allows commuters to beat traffic, has also come under pressure from fast-growing competitors in its segment and apparent problems with its app, prompting numerous complaints from customers and its riders.
We do hope the worst is over for this firm since millions of riders and commuters rely on its services each day. —Miguel R. Camus
Tantoco new SSI chair
The storied Tantoco family behind luxury retailers Rustan’s Group and SSI Group announced key succession movements.
Named chair of SSI is Bienvenido “Donnie” Tantoco III while his cousin Anthony “Anton” Huang was appointed CEO, in addition to his responsibilities as company president.
These changes were made after the sudden passing of retail queen Zenaida “Nedy” Tantoco earlier this month after undergoing heart surgery. The family’s third-generation thus moved up in SSI, their publicly listed retail arm. —Miguel R. Camus
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