Facing numerous challenges, edtech giant BYJU’S has implemented a stringent new social media policy, instructing its employees to refrain from interacting with media outlets, according to Inc42 sources.
The policy explicitly prohibits employees from sharing any information or material related to Think & Learn Private Limited, such as screenshots, videos, and photos, with the media. “Any violation of this (policy) will be taken up by the company seriously and may result in appropriate disciplinary and legal action initiated against you,” the document states.
Furthermore, the policy restricts employees from engaging in off-the-record conversations with media outlets or making any posts without authorisation from the designated media relations team.
The policy came the same day after Inc42 reported BYJU’S plans for a significant organisational restructuring, including the layoff of approximately 4,000 employees by the end of October.
These changes coincide with Arjun Mohan assuming the role of the new CEO of BYJU’S India business, succeeding Mrinal Mohit. Additionally, top executives of BYJU’S Tuition Centre – Asheesh Sharma and Surendra Pandey – have stepped down.
In tandem with these adjustments, BYJU’S will rebrand its subsidiary, WhiteHat Jr, which has been operating at a loss, to BYJU’S Future School.
All these shifts under the newly appointed India CEO are aimed at alleviating the substantial losses incurred by BYJU’S, which reported a loss of INR 4,588 Cr in FY21 against operating revenue of INR 2,428.3 Cr.
The company, yet to submit its FY22 financial statements to the Ministry of Corporate Affairs, is dealing with a myriad of challenges. Struggling to meet loan repayment requirements, BYJU’S is reportedly exploring the sale of two of its acquired companies – Great Learning and Epic – for between $800 Mn and $1 Bn.
Moreover, once valued at $22 Bn, the edtech behemoth has witnessed the resignation of three board members – GV Ravishankar of Peak XV Partners, Russell Dreisenstock of Prosus, and Vivian Wu of the Chan Zuckerberg Initiative – and is still in the process of identifying their successors. Though, in July, it appointed former SBI Chairperson Rajnish Kumar and ace investor TV Mohandas Pai as members of its newly constituted advisory council.
The company also experienced the resignation of its statutory auditor Deloitte earlier this year, citing delays in the release of financial statements. In response, BYJU’S has appointed BDO (MSKA & Associates) as its new statutory auditors.
The post Don’t Speak To Media: BYJU’S New Social Media Policy For Employees Amidst Restructuring Exercise appeared first on Inc42 Media.
