Zoom, a platform for video conferences, will let go 1,300 workers, or around 15% of its total workforce, according to a statement from CEO and founder Eric Yuan.
One of the largest technological innovations during the epidemic was zoom. In order to meet demand, the corporation disclosed that it tripled in size within 24 months.
“As the world transitions to life post-pandemic, we are seeing that people and businesses continue to rely on Zoom. But the uncertainty of the global economy, and its effect on our customers, means we need to take a hard – yet important – look inward to reset ourselves,” Yuan wrote in the memo.
The CEO will forfeit his company bonus for this year and lower his forthcoming fiscal compensation by 98%, he continued, because he is “accountable for these blunders.” The executive leadership team at Zoom will also see a 20% reduction in base pay and a suspension of corporate bonuses at this time.
A yearly bonus based on corporate success will be paid to affected employees in the US, along with up to a 16-week paycheck, healthcare coverage, outplacement assistance, and a six-month stock options vesting period.
Zoom has joined a growing list of top tech companies, including Microsoft, Alphabet, Meta, and Amazon, who have lately let go of staff members.
