Communications firm Zoom announced plans to lay off more than 1,000 employees globally after a pandemic-fueled growth spurt and subsequent decline, with the chief executive announcing a 98 percent reduction in his salary.
“We have made the tough but necessary decision to reduce our team by approximately 15 percent and say goodbye to around 1,300 hardworking, talented colleagues,” stated a Feb. 7th message to Zoom employees from CEO Eric Yuan. “We did not take a single departure lightly—our leadership carefully examined and made decisions based on critical priorities for long-term growth, and also looked for functions that have become overly complex or duplicative.”
