Globe Tracker to cut staff from 50 to around 20

Globe Tracker will reduce its workforce from nearly 50 employees to around 20, managing director Joel undir Leitinum told Faroese public broadcaster KVF.

He declined to specify how many of the affected staff are based in the Faroe Islands. The company, which has offices in the Faroes, Denmark, Iceland, the US, the Netherlands, Singapore, and China, will retain all its locations but implement restructuring across each.

Not all layoffs will be immediate, as some employees will continue for a transitional period, he said.

Undir Leitinum cited completed projects, a shift toward new products, and broader business expansion as reasons for the reduction. He added that the company has the financial means to execute its plans.

Insurer Lív has withdrawn from Globe Tracker after losing 174 million krona on investments in the company. Investment firm Reiðaríið Framherji has since stepped in with fresh capital, though neither the director nor the board chair would disclose the amount.