A deeper cut than other recent tech layoffs
Feb 7, 2023, 6:01 PM UTCZoom is laying off about 15 percent of its staff, which means about 1,300 people will lose their jobs, according to a memo from Zoom CEO Eric Yuan that the companyThe company scaled up rapidly as people shifted to remote work during the pandemic, and Zoom grew three times in size within 24 months. However, “we didn’t take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities,” Yuan wrote.
Zoom employees being laid off in the US will receive a severance package that includes up to 16 weeks’ salary and healthcare coverage. Outside the US, severance will be “similar and will take into account local laws,” according to Yuan. Like many other CEOs, Yuan says he holds himself accountable “for these mistakes and the actions we take today” and announced he’s reducing his salary by 98 percent for the rest of the year. He also won’t take a corporate bonus and says that the rest of the executive leadership team will do the same, and they are reducing their base salaries by 20 percent.
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