Zoom CEO says he will cut his OWN $1.1M salary by 98% in the coming year as he lays off 1,300 workers – nearly 15% of its entire workforce
- Zoom CEO Eric Yuan announced that about 1,300 employees, or 15 percent of its workforce, have been laid off on Tuesday via email
- The CEO said he would also cut his salary this year by 98 percent and that other executives will see their salaries trimmed by 20 percent
- It is the latest tech company to announce massive layoffs, with Meta hinting at its own round of new layoffs amid further drops in revenue
The CEO of Zoom has said he will lay off approximately 1,300 employees, 15 percent of the company’s workforce, as well as slashing his own $1.1M salary by 98 percent.
Eric Yuan posted the notice to employees on Zoom Blog, letting them know that those impacted by the layoffs received an email on Tuesday.
Yuan said the layoffs impacted every department in the company, and that fired employees are going to receive up to 16 weeks salary and healthcare coverage.
He added that he would not only cut his own salary down by 98 percent this year, but that executives will also see their salaries trimmed by 20 percent, and that they will all forego their 2023 annual bonuses.
Zoom CEO Eric Yuan announced that about 1,300 employees will be laid off on Wednesday
Zoom is the latest tech giant to announce large layoffs after the industry saw brutal end to 2022.
In his message to employees posted 30 minutes before the emails were sent out, Yuan wrote: ‘We have made the tough but necessary decision to reduce our team by approximately 15% and say goodbye to around 1,300 hardworking, talented colleagues.’
‘I know this is a difficult message to hear, and certainly not one I ever wanted to deliver.’
This is a developing story.
