Published 1 year ago

Zoom CEO Eric Yuan Takes 98% Pay Cut, Cuts 15% of Workforce Amid Economic Uncertainty

Summary by Ground News

Zoom will lay off about 1,300 employees, or approximately 15% of its staff. CEO Eric Yuan says he and other executives will take a significant pay cut. He says he made "mistakes" in how quickly the company grew during the pandemic.Shares of Zoom rose nearly 9% in midday trading Tuesday.

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Times of India

Zoom layoffs: Zoom Video to cut 1,300 jobs, or 15% of global workforce, CIO News, ET CIO

Zoom Video Communications Inc. is eliminating 15% of its workers as the service that became ubiquitous during the pandemic adapts to slower growth. The company will cut about 1,300 jobs as part of a restructuring, Chief Executive Officer Eric Yuan said Tuesday in a blog post. Yuan called himself “accountable” for the company’s issues and said he would reduce his salary and forgo his bonus.

1 year ago·India

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Reuters

Zoom to shed about 1,300 jobs as pandemic-fueled demand slows

Zoom Video Communications Inc said on Tuesday it would cut about 1,300 jobs, as demand for the company's video conferencing services slows with the waning of the pandemic, and take a related charge of up to $68 million.

1 year ago·United Kingdom

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NDTV

"We Also Made Mistakes": Zoom To Cut 1,300 Jobs, CEO Will Take 98% Pay Cut

The company behind the Zoom video conferencing platform -- which became a household name during the pandemic -- announced Tuesday it is laying off about 15 percent of its staff. Zoom Video Communications chief executive Eric Yuan is also taking a 98 percent 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 percent salary redu…

1 year ago·New Delhi, India

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Associated Press News

Big tech job cuts keep coming; Zoom latest to trim headcount

The tech industry started the year with a wave of job cuts, around 50,000 in January alone, and there doesn’t appear to be any let up this month. The video-conferencing

1 year ago·United States

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USA Today

Zoom to layoff 15% of employees, CEO to take massive 98% pay cut

Zoom announced layoffs for 15% of its workforce, CEO Eric Yuan said Tuesday, in the company's latest pivot in the post-pandemic work world.

1 year ago·United States

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Hindustan Times

Zoom to slash jobs for nearly 1,300 employees, CEO will take 98% pay cut

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.

1 year ago·New Delhi, India

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