California: Amid the recent trend of layoffs in the tech industry, Zoom on Tuesday announced that it will lay off about 1300 employees, or approximately 15% of its workforce.
In a message to the employees on Zoom Blog, Eric Yuan, CEO, claimed that the layoffs will impact every part of the organization.
Eric Yuan said that “We have made the tough but necessary decision to reduce our team by approximately 15 per cent and say goodbye to around 1,300 hardworking, talented colleagues.”
Yuan stated that he and other executives will take a significant pay cut. In the message to employees, he admitted to making “mistakes” in how quickly the company grew during the pandemic.
“As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today- and I want to show accountability not just in words but in my own actions,” Eric Yuan wrote.
He added, “To that end, I am reducing my salary for the coming fiscal year by 98 per cent and foregoing my FY23 corporate bonus. Members of my executive leadership team will reduce their base salaries by 20 per cent for the coming fiscal year while also forfeiting their FY23 corporate bonuses.”
To those affected by Zoom layoffs in the US, the company will give up to 16 weeks’ salary and healthcare coverage, payment of earned FY’23 annual bonus based on company performance, RSU and stock option vesting for six months for US employees and through August 9, 2023, for non-US employees.
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