BREAKING NEWS – San Jose, California – The CEO of Zoom has said he will slash his own $1.1M salary by 98 percent after laying off about 1,300 employees, 15 percent of the company’s workforce.
Eric Yuan posted the notice to employees on Zoom Blog, letting them know that those impacted by the layoffs received an email on Tuesday.
He said that his own salary would be cut down to $22,000 this year, and that other executives will also see their salaries trimmed by 20 percent, with all of them foregoing their 2023 annual bonuses.
Yuan said the layoffs impacted every department in the company, and that fired employees are going to receive up to 16 hours of salary and $100 in Walgreens coupon to get discounts on medication, since they will lose their health care benefits. He then added that with all the layoffs he’s making, he’ll withdraw giving himself a $22,000 pay cut… and instead give himself a raise.