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Zoom CEO says he will cut his OWN $1.1 million salary by 98% next year as he lays off 1,300 workers, nearly 15% of his entire workforce
- Zoom CEO Eric Yuan announced that around 1,300 employees will be laid off Tuesday via email
Zoom’s CEO has said he will lay off approximately 1,300 employees, 15 percent of the company’s workforce, as well as cut his own $1.1 million salary by 98 percent.
Eric Yuan posted the notice to employees on ZoomBlogletting them know that those affected by the layoffs will receive an email on Tuesday.
Yuan said the layoffs will affect all departments of the company and the laid off employees will receive up to 16 weeks of salary and health care coverage.
He added that he would not only cut his own salary by 98 percent, but executives will also see their salaries cut by 20 percent, and that they will all forfeit their 2023 annual bonuses.
Zoom CEO Eric Yuan announced that around 1,300 employees will be laid off on Wednesday
“I know this is a difficult message to hear, and certainly not one I wanted to convey,” Yuan wrote.
This is a developing story.