Last Update: March 06, 2023, 16:10 IST
Zoom continues to churn a large workforce as demand dwindles
The company has shared details of his departure and said there is no reason for the decision.
Zoom, which laid off 1,300 employees last month, has now sacked its president Greg Toombs for no reason, as it aims to navigate global macroeconomic conditions.
The company said in a regulatory filing in the US that Tomb’s contract was terminated “abruptly and without cause”.
Media reports quoted a company spokesperson as saying that Zoom is not looking for a replacement for Tomb.
When Tombs was hired as Zoom president, the company’s CEO Eric Yuan said that “Greg is a highly respected technology industry leader and has deep experience helping companies scale at critical junctures. “
Tombs reports directly to Yuan, and was thrilled to join and help “drive growth” at the company.
Video communication app Zoom last month laid off around 1,300 people or 15 per cent of its workforce.
Yuan said he is forgoing his salary by 98 per cent for the coming fiscal year and giving up the FY23 corporate bonus.
He had announced, “Members of my executive leadership team will reduce their base salaries by 20 percent for the coming fiscal year, while also forgoing corporate bonuses for FY2023.”
During the pandemic, the use of Zoom increased significantly as millions of people stayed at home.
The company’s CEO said during the latest earnings call that the company experienced headwinds in terms of currency impact, online contraction and deal scrutiny, which continued in Q4.
For the period ending December 31, 2022, its enterprise business grew 24 percent and total revenue came in at $1.118 billion, up 4 percent year over year.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)