Zoom Sacks around 1300 Employees; CEO Cuts His Salary by 98%

Zoom Video Communications Inc on Tuesday informed that it would fire around 1,300 employees, thereby will reduce its workforce by 15 per cent.

“Over the past few years, Zoom has become an indispensable source of connection for businesses and individuals as well as a globally recognized brand. Whether you have been at Zoom since the beginning or joined us more recently, you’ve played an important role in our evolution, and that makes today’s announcement particularly difficult. 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,” the CEO of Zoom said in a blog post.

Zoom had become an indispensable digital tool during the COVID pandemic. Its demand has got reduced in the post-pandemic world. So, the company decided to lay off around 1,300 of its employees.

Chief Executive Officer of Zoom, Eric Yuan also announced that he would take a pay cut of 98 per cent for the coming fiscal year and forego his bonus.

The shares of Zoom video have fallen by about 90 per cent in comparison to October 2020. The maker of video conferencing software also announced that its executive leadership team will see a 20 per cent reduction in base pay.