In the post, Yuan blamed the employment reduction—which he described as a “reset” for the business—on the “volatility of the global economy.”
In addition, Yuan announced that he would be reducing his pay for the upcoming fiscal year by 98%, or about $6,035, compared to his prior compensation of $301,731, as reported by Bloomberg.
The purpose of this action is to strengthen the company’s ability to withstand the current economic climate. Yuan also said that he will not accept any company perks.
Zoom has given its US workers up to 16 weeks of pay, healthcare benefits, payment of their earned yearly bonus for the fiscal year 2023 based on performance, vested restricted stock units and stock options, and access to outplacement services including coaching, workshops, and networking groups.
According to the corporation, non-US workers will receive comparable benefits in accordance with their individual home countries’ legal systems.
