Soros Foundation to Cut Staff by 40%

George Soros’s $25 billion nonprofit, Open Society Foundations, will cut its staff by about 40% while reorganizing various senior roles, according to a spokeswoman for the foundation. 

The foundation, one of the biggest backers of progressive causes, is now led by Soros’s 37-year-old son, Alex. The foundation made the decision to trim staff to become a more nimble organization months ago, and it isn’t related to Alex’s recent ascension atop the Soros empire, according to people close to the matter. The decision was approved this week by OSF’s board, which is chaired by Alex.

“Open Society’s board of directors met this week about the future of the organization.… The board has directed Open Society’s senior leadership to proceed with the work necessary to implement this new approach,” OSF said in a statement. “We anticipate that implementing the proposed new model would involve redesign and retooling of our existing operations, and a substantial reduction in headcount of no less than 40% globally.”

OSF, which is backed by George Soros, the legendary investor, philanthropist and right-wing target, currently employs about 800 people in 18 offices globally.

Behind the move, which was earlier reported by Bloomberg, is a view that Open Society Foundations has become too large and unwieldy. As a result, it takes too long for it to make decisions, the people said. OSF sends about $1.5 billion a year to groups such as those backing human rights and helping build democracies and has offices around the globe. Part of the goal is to streamline the organization. OSF isn’t expected to reduce its activity or backing of various causes.

In a recent interview with The Wall Street Journal, Alex Soros said he plans to embrace some different causes from his father, such as voting and abortion rights, as well as gender equity. He will continue to use the family’s deep pockets to back left-leaning U.S. politicians.

Alex and the foundation’s leaders will determine how the senior roles will be reorganized and which programs might be changed, a person familiar with the matter said.

“The changes are intended to maximize Open Society’s impact in helping to counter the forces currently threatening open and free societies,” OSF said in a statement on its website.

Write to Gregory Zuckerman at [email protected]

Corrections & Amplifications
Open Society Foundations has 18 offices globally. An earlier version of this article incorrectly said it has 14 offices. (Corrected on July 3)