Open Society Foundations, the philanthropic organization established by billionaire George Soros, is set to undergo substantial changes, including a significant reduction in staff. The nonprofit, which recently announced that Soros, now 92 years old, is transferring control to his son Alex, disclosed on Friday that its board has approved a plan to cut at least 40% of its global workforce.
Having donated over $32 billion to the organization, Open Society Foundations currently employs more than 500 individuals and supports various humanitarian and democratic causes, including criminal justice reform and climate change initiatives. It manages the majority of assets held by Soros' $25 billion family office.
The modifications to the operating model aim to make the organization more agile. In a joint statement by Alex Soros and the nonprofit's president Mark Malloch-Brown, it is emphasized that the board remains unwavering in its commitment to the foundation's core priorities, which include democracy, human rights, climate justice, and addressing inequality.
According to the nonprofit's most recent tax filings, compensation constituted the largest portion of its expenses in 2021, with nearly $72 million allocated to pay and another $40 million dedicated to benefits and pension plans.
Alex Soros recently expressed his political inclinations, stating in an interview with the Wall Street Journal that he is "more political" than his father. He expressed concerns about the potential White House run of former President Donald Trump and highlighted the need for political engagement and funding. He has held meetings with officials from the Biden administration, Brazilian President Luiz Inácio Lula da Silva, Canadian Prime Minister Justin Trudeau, and Senate Majority Leader Chuck Schumer to advocate for issues related to the family foundation.
The nonprofit's planned workforce reduction prompted the organization to provide resources and support to its managers for effective communication and team support during this period of change. Internal communication shared guidance on utilizing People and Culture Advisory Partner services, participating in Well-being in Uncertain Times workshops, and upcoming Solidarity Spaces.
George Soros, a native of Hungary, is renowned for his support of liberal causes and Democratic politicians, making him a target for the political right. He established Soros Fund Management and gained significant wealth through shrewd investments, including his notorious bet against the British pound. In 2011, he converted his fund into a family office. To date, his foundation has expended $19.1 billion in pursuit of its goals.