Productivity app maker Evernote was described as waning after it lost several senior executives, engineers and designers in the last month, TechCrunch reported.
CTO Anirban Kundu, CFO Vincent Toolan, chief product officer Erik Wrobel and head of HR Michelle Wagner are no longer at the company. Rather than replace them, other employees appear to be taking on their responsibilities.
Once one of the most popular apps in the productivity category, in recent years the company has faced stiff competition from Apple and Google, which have their own note-taking apps. Evernote was also challenged by start-ups including Bear, which have created alternatives.
The update was meant to roll out in January 2017 and would have seen staff members “exercise oversight of machine learning technologies applied to account content” to develop and improve the service.
A source told TechCrunch the company “is in a death spiral” due to stagnation in paid and active user numbers over the past six years, and a lack of interest in an enterprise product.
TechCrunch noted Evernote is fundraising, a move the publication speculated is designed to deliver an up-to-date valuation. Its current value of $1.2 billion is now seven years old, the news outlet stated.
Meanwhile, in a bid to boost revenue, Evernote is currently offering a discount on its premium membership, slashing its annual subscription price from $70 to $42.