Eric Yuan, founder and CEO of Zoom, stated that the company was cutting approximately 1,300 employees and that he would be reducing his own salary.
Yuan wrote, “We have made the difficult but necessary decision to reduce [our team] by approximately 15% and say goodbye a little over 1,300 hardworking, talented coworkers.” Yuan also stated, “I will reduce my salary for this fiscal year by 98%” and forgo my FY23 corporate bonus. My executive leadership team members will see their base salaries drop by 20% in the next fiscal year, and they will also lose their FY23 corporate bonuses.
“During the pandemic, when the world was facing one of its most difficult challenges, our trajectory was forever altered. I am proud of how we mobilized as companies to keep people connected. We needed to quickly increase our staff to meet the rapid growth of our users and their changing needs. Zoom tripled in size within 24 months to meet this demand and allow for continued innovation,” he said. “We didn’t spend as much time as necessary to analyze our teams and assess if we were moving forward with the highest priorities.
Yuan stated that the “uncertainty of the…
