India, May 20 -- The CEO of Bolt has explained why he got rid of his company's entire HR team. Ryan Breslow defended his decision to enforce sweeping workforce cuts at his San Francisco-based company, which impacted around 30% of staff earlier this year.

"We got rid of our HR team," the 31-year-old said while speaking at Fortune's Workforce Innovation Summit on Tuesday.

Breslow's rationale for letting go of the entire human resources team was simple - "We had an HR team, and that HR team was creating problems that didn't exist," he said. "Those problems disappeared when I let them go."

He claimed that letting go of HR was essential to resurrect Bolt - a company that was once valued at $11 billion but has since witnessed a reversal of f...