Reddit to lay off 8% of staff, CEO Pao to leave

Reddit, a social news and discussion website, said it would lay off about 8 percent of its staff in an effort to reduce costs and become profitable.<br><br><br><br>Erik Martin, the company's vice president of strategic partnerships, and others were part of the layoffs, Reddit said in a blog post on its website.<br><br><br><br>Ellen Pao, the company's CEO and interim CEO of Reddit for the past eight months, would be leaving the company, Reddit added.<br><br><br><br>Steve Huffman, co-founder and former chief technology officer of Reddit, will take over as CEO, effective immediately, the company said.<br><br><br><br>Reddit's board includes Reddit co-founder and chairman Adverson, Reddit co-founder Huffman, Pao, Sam Altman, Marc Andreessen, Josh Kushner, Adam D'Angelo, Christopher Sacca and David Sacks.<br><br><br><br>(Reporting by Anya George Tharakan in Bengaluru; Editing by Sunil Nair)