The Open Society Foundations (OSF) has announced “significant changes” to its operating model according to a statement signed by Alexander Soros, foundation founder George Soros’s son, who recently became chair.

According to CNN, OSF will lay off at least 40 percent of its workforce—the foundation has about 800 staff across the globe. The cuts are part of a decision that would favor both longer-term “patient capital” approaches and tactical short-term needs, according to a joint statement from Alex Soros and OSF president Mark Malloch-Brown.

“The changes are intended to maximize Open Society’s impact in helping to counter the forces currently threatening open and free societies,” Soros and Malloch-Brown said. “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.”

(Photo credit: Getty Images/pcess609)