A regulatory filing from the business, video conferencing platform Zoom has sacked its President Greg Tomb. A sudden “without cause” termination of Mr. Tomb’s contract took place. According to the company’s policies, he will be entitled to severance compensation in the event of a “termination without cause,” the outlet claimed.
In June 2022, Mr. Tomb, a businessman and former Google employee, started in his new role. He has controlled the company’s sales ever since and taken an active part in earnings calls. A Zoom employee claims that the tech company is not looking for a successor.
According to the outlet, Eric Yuan, the CEO of Zoom, who launched the company in 2011 and had to fast develop it during a pandemic-driven boom, was the person he directly reported to. In order to deal with the declining demand, the corporation has started to lay off workers more recently.
The firm, which rose to fame during Covid-19, revealed on February 7 that it is firing 1,300 employees, or around 15% of its workforce. Mr. Yuan is reportedly forgoing his executive bonus and taking a 98% pay cut this year, according to the company’s blog post. The CEO said that the members of his executive leadership team would similarly forfeit their incentives and accept a 20% pay reduction.
While the globe faced one of its greatest challenges during the epidemic, “our trajectory was forever transformed, and I am proud of the way we organized as a company to keep people connected,” Mr. Yuan said on the business blog.
He claims that as a result of people using Zoom for distant business, court hearings, social meetings, and educational objectives since Covid-19 hazards prevented them from physically meeting up, Zoom employed more staff during the pandemic.
He went on, “We worked extremely hard, but we also made mistakes. We did not devote as much time as we should have to thoroughly analyzing our teams or determining whether we were growing sustainably in the direction of our highest priorities. People and businesses continue to rely on Zoom, as we can see.”
Mr Yuan, on the other hand, added that the company needed to think in order to achieve its long-term objectives. “However, the global economic uncertainty, and its impact on our customers, requires us to take a hard look inward to reset ourselves in order to weather the economic environment, deliver for our customers, and achieve Zoom’s long-term vision.”
