Zoom President’s shock: Being fired for no reason, suddenly became unemployed

Business Insider recently reported that Zoom fired its president Greg Tomb – a former Google employee and who only started taking over this role at the company 10 months ago.

Specifically, in a filing with the US Securities and Exchange Commission (SEC), the online video calling giant said that the termination of the contract with Tomb will take effect from March 3.

Tomb will receive a severance allowance under his employment agreement — an amount paid by Zoom for “termination without cause,” according to SEC filings.

The above profile is signed by Aparna Bawa – COO of Zoom. In another filing last June – the time Tomb joined Zoom, the company revealed his base annual salary of $ 400,000 with bonuses.

At the moment, it is not clear who will take the position of Tomb’s Zoom president. A Zoom spokesperson told Business Insider that the company would not be looking for a replacement for Tomb and declined to comment further.

Tomb’s LinkedIn profile shows he joined Zoom as president in June 2022. Prior to that, he spent over a year at Google as vice president of sales for Google Workspace, Security, and Geo. Enterprise.

Previously, Tomb served as president of software company SAP and computer programming provider Vivido Labs, according to LinkedIn. In addition, he is also a member of the board of directors of technology company Pure Storage.

Tomb’s layoffs come after Zoom announced in early February that it was laying off about 1,300 employees – or 15% of the company’s workforce.

Previously, due to the increased demand for digital services because of the pandemic, Zoom had to recruit more positions to meet.

In a memo sent to employees, Zoom CEO Eric Yuan said the layoffs will affect every part of the organization. Yuan also said that he and other senior executives will receive significant pay cuts. The 52-year-old CEO admitted he made a mistake in hiring massively during the pandemic.

“ As the CEO and founder of Zoom, I take responsibility for the mistakes and actions we take today. I want to show accountability not only with my words but also with my own actions. For that goal, I will reduce my salary by 98% for the upcoming financial year and drop the company bonus for my fiscal year 2023. ”

This means that Yuan’s salary this year will be only 10,000 USD. Yuan said members of the company’s executive team will also take a 20% reduction in their base salary next fiscal year and not receive bonuses for fiscal 2023.

Zoom is not the only pandemic “darling” to experience this situation. Before Zoom, since the end of last year, many large technology companies – which have grown rapidly during the pandemic, have announced mass layoffs to cut costs in the context of the unstable economy and the needs of people. consumption declines.

Source: Business Insider