Zoom will lay off 1,300 employees and CEO and executives are taking a massive pay cut

Zoom on Tuesday said it will lay off about 1,300 employees, or approximately 15% of its staff, becoming the latest tech company to announce significant job cuts as a pandemic-fueled surge in demand for digital services wanes. In a memo to employees, Zoom’s CEO Eric Yuan said the layoff would impact every part of the organization. Yuan also said that he and other executives would reduce their base salaries by 20% for the coming fiscal year and forfeit their fiscal year 2023 bonuses, after acknowledging he made mistakes in how quickly the company grew during the pandemic.

Source

If you have found a spelling error, please, notify us by selecting that text and pressing Ctrl+Enter.

Total
0
Shares
Related Posts
Total
0
Share

Spelling error report

The following text will be sent to our editors: