Eric Yuan, head of Zoom IT, responsible for the development of the video conferencing service of the same name, announced that 1,300 employees will be laid off and their salary cut by 98% to “restart” the business. About this Yuan knowledgeable company blog.
“We have made the difficult but necessary decision to cut our team by about 15% and say goodbye to our nearly 1,300 hard-working and talented colleagues. I know this is hard to hear, and that’s definitely not what I want to tell you,” wrote Zoom’s CEO.
The yuan cited the “uncertainty of the global economy” and its impact on customers among the reasons. According to a senior executive, the mitigation will help the company “restart” and continue to serve users and implement Zoom’s long-term plans.
Yuan also announced a 98% salary reduction and corporate bonus exemption for the 2023 fiscal year. The rest of the company’s top management will also lose 20% of their bonuses and salaries.
“As the CEO and Founder of Zoom, I am responsible for these mistakes and the actions we take today, and I want to show responsibility not just in words but in my actions,” the senior executive wrote.
All laid-off employees will receive 16 weeks’ pay, bonuses for the past financial year, and 12 months of health insurance.
Formerly socialbites.ca Wrote He said that Google also made large-scale reductions, but that some employees only learned about the layoffs from social networks.