Zoom slashes staff by 15 per cent, CEO Eric Yuan takes 98 per cent pay cut
- Amid similar lay-offs by tech giants, the chief executive says he is forgoing his bonus, and other members of his leadership team will also take pay cuts
- The video conferencing platform became a household name during the pandemic, but customers are starting to cut back on spending
The company behind the Zoom video conferencing platform – which became a household name during the pandemic – announced on Tuesday it is laying off about 15 per cent of its staff.
Zoom Video Communications chief executive Eric Yuan is also taking a 98 per cent cut in salary this year and forgoing his executive bonus, he said in a blog post about the job cuts.
He added that members of his executive leadership team are taking a 20 per cent salary reduction and also forfeiting bonuses this year.
While people and businesses continue to rely on Zoom “as the world transitions to life post-pandemic”, the Silicon Valley-based firm is seeing customers cut back on spending, Yuan said in the post.
Zoom has made the “tough but necessary” decision to lay off about 1,300 people, or roughly 15 per cent of its staff, according to Yuan.
“Our trajectory was forever changed during the pandemic when the world faced one of its toughest challenges, and I am proud of the way we mobilised as a company to keep people connected,” Yuan said.
