Zoom, the popular video conferencing company, has announced plans to cut its workforce by 15%, which is about 1,300 workers.
According to a blog post on the company's website, the cuts are a result of the uncertainty of the global economy in the aftermath of the Covid pandemic and its impact on the company's customers.
CEO Eric Yuan wrote in the post that the cuts will impact every organization across Zoom and the employees who are laid off will be offered up to 16 weeks of salary and healthcare coverage.
Yuan also stated that he plans to reduce his own salary for the coming fiscal year by 98% and he will forgo his 2023 corporate bonus. He emphasized that he wants to show accountability not only in words but also in his own actions.