BuzzFeed News editor-in-chief Mark Schoofs is stepping down, along with at least two other top editors as the digital media company said it will be cutting jobs across the board.

“After almost two rollicking and deeply fulfilling years as editor-in-chief, I’ve decided that it’s the right time to move on,” Schoofs wrote in an internal memo to the staff.

In addition to Schoofs, BuzzFeed News deputy editor-in-chief Tom Namako announced that he is leaving to become executive editor of ‪NBC News‬⁩ Digital. In his memo, Schoofs said Namako “would have been a natural successor” to take the EIC spot at BuzzFeed News. Also exiting BuzzFeed News is Ariel Kaminer, executive editor of investigations.

According to Variety, “the shakeup came as Buzzfeed reported its first financial results as a public company. In 2021, the company posted $398 million in revenue — up 24% year-over-year but 31% below the $520 million it previously projected.” CEO Jonah Peretti, in a memo to employees, said “BuzzFeed News will need to get smaller,” with the company planning to reduce headcount overall by 1.7% going forward.

In addition to job cuts at BuzzFeed News, the company will reduce staff on the BuzzFeed video team, at Complex Networks’ editorial team, as well as on the business and administrative teams, according to Peretti.

According to CNBC, several large shareholders have urged Peretti to shut down the entire news operation, said the people, who asked not to be named because the discussions were private. BuzzFeed News, which is part of its content division, has about 100 employees and loses roughly $10 million a year, two of the people said.