Zoom to slash 1,300 jobs, CEO takes 98% pay cut

February 08, 2023 11:42

Zoom on Tuesday announced that it will lay off about 1,300 employees, or approximately 15 per cent of its staff, becoming the latest tech company to announce significant job cuts.

In a message to employees on Zoom Blog, Zoom's Chief Executive Officer Eric Yuan said the layoffs will impact every part of the organization.

"We have made the tough but necessary decision to reduce our team by approximately 15 per cent and say goodbye to around 1,300 hardworking, talented colleagues," Eric Yuan wrote.

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.

"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 wrote. -- ANI

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