Bolt CEO Ryan Breslow Defends Eliminating HR Team to Drive Startup Productivity

Bolt CEO Ryan Breslow recently defended his decision to eliminate the company's human resources department, claiming the team created unnecessary problems that vanished upon their departure. Speaking at Fortune’s Workforce Innovation Summit, Breslow detailed a shift toward a "wartime" startup culture following a massive 97% decline in the fintech's valuation. This move signals a significant departure from the "conscious leadership" ideals Breslow previously championed, reflecting a broader trend of companies reevaluating the role of HR in lean operational environments.

Ryan Breslow, the 31-year-old CEO of fintech firm Bolt, revealed at Fortune’s Workforce Innovation Summit that he dismantled his entire HR department as part of a radical restructuring. Breslow argued that the HR team had fostered a culture of entitlement and "complaining" rather than productivity, stating that the problems they addressed simply disappeared once the team was let go. Since returning as CEO in 2025, Breslow has transitioned the company back into "startup mode," replacing the traditional HR function with a much smaller people operations team focused on essential training and manager empowerment.

The workforce reductions come as Bolt attempts to recover from a dramatic financial downturn, with its valuation plummeting from $11 billion in 2022 to approximately $300 million by 2024. In addition to cutting the HR team, Breslow oversaw a recent layoff of 30% of the staff and reported that nearly 99% of the leadership team hired under previous management were unable to adapt to the new "gritty" culture. The company has shrunk from thousands of employees to roughly 100, favoring junior workers over "pedigreed professionals" to increase energy and customer attention.

This cultural overhaul includes the elimination of high-profile benefits that Breslow once pioneered, such as the four-day workweek and unlimited paid time off (PTO). He characterized the current phase of the company as "wartime," requiring a shift away from "conscious leadership" toward a more disciplined, hands-on approach where employees are expected to work harder and spend less. Despite rumors of withheld paychecks for contractors and staff, Breslow denied any financial impropriety, maintaining that the leaner structure is necessary for the company's survival and renewed focus on its "One SuperApp" strategy.