George Soros’ Open Society Foundations will lay off at least 40% of its staff one month after Soros announced he handed the reins of the foundation to his son, Alexander Soros. The job cuts were announced in a statement signed by Alexander Soros and the foundation’s president, Mark Malloch-Brown.

“Through this new model, the Board aims to transform operations across the global network, with the goal of generating a nimbler organization better able to build on past achievements and confront urgent and emerging challenges,” the statement said.

Open Society Foundations currently has about 800 staff across the globe.

In June, the senior Soros announced that he had tapped his 37-year-old son, Alexander Soros as the organization’s new chair.