Video conferencing service company, Zoom, to lay off 1,300 employees
Video conferencing service company, Zoom, has announced plans to lay off about 1,300 employees as it reacts to the global market contraction.
Zoom’s CEO, Eric Yuan, made the announcement in a memo to employees, noting that the layoff would impact every part of the organization.
The affected workforce makes up 15% of Zoom’s net staff strength.
The layoff is the latest significant job cut in the tech industry following the pandemic-fueled surge where demand for digital services wanes.
According to Yuan, he and other executives would take a significant pay cut, adding that he had made “mistakes” in how quickly the company grew during the pandemic.
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“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.
“To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus.”
In addition, however, Yuan said members of the executive leadership team will reduce their base salaries by 20% for the coming fiscal year and forfeit their fiscal year 2023 bonuses.
Recall that other top tech companies globally, including Microsoft, Twitter, Google, have had to layoff a percentage of their workforce to gain stability in recent times.
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