On Tuesday, Zoom announed plans to cut around 1,300 employees, or 15% of its workforce, according to a company blog post.
CEO Eric Yuan said he plans to reduce his salary by 98% for the coming fiscal year and forego his 2023 corporate bonus.
“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.”
– Eric Yuan, CEO of Zoom
Zoom experienced a huge boom during the covid pandemic, when people were forced to work from home. Now the company has to adapt to life after the pandemic.
Yuan said laid off employees will be offered up to 16 weeks of salary and health care coverage.