“Regrettably, today we are reducing our overall workforce by 20%,” Ko’s memo said. “While some of you will be impacted, all of you will be affected. I can assure you that this was not an easy decision, but it is especially difficult for a company like ours whose mission is focused on workplace mental health and wellness.”

In the memo, Ko wrote that Calm leadership had “revisited the investment thesis behind every project” before deciding to make changes that would help stabilize the business.

Ko’s memo didn’t elaborate on the reasons for the layoffs but promised employees “a more in-depth discussion on the future of the business” at an all-hands meeting scheduled for Friday. A Calm spokeswoman declined to make Ko available for an interview.

An expanded version of this report appears on WSJ.com.

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