Zoom Video Communications has let go of its President, Greg Tomb, just nine months after he joined the company in June 2022, according to multiple media reports. Tomb, a former Google executive, oversaw Zoom’s sales operation and appeared on earnings calls during his short tenure.
Zoom’s management declared that Tomb’s dismissal would be effective as of Friday, March 3, 2023. According to arrangements that are applicable in the event of a “termination without cause”, Zoom will provide severance benefits to him, the company stated in a regulatory filing.
Zoom’s decision to fire Tomb comes days after the company laid off around 1,300 employees, which CEO Eric Yuan attributed to mistakes that he had made. In a company-wide email, Yuan said he was accountable for the layoffs and announced that he would take a 98% pay cut for the coming financial year and let go of his corporate bonus.
According to Bloomberg, Zoom is not looking for a replacement for Tomb currently, who used to report directly to Yuan. In June 2022, Tomb’s employment included a $45 million stock grant vested over four years, which was over his base salary of $400,000 with an 8% bonus target, Bloomberg reported.
Zoom’s business boomed during the coronavirus pandemic as remote work and social distancing measures increased demand for virtual communication platforms. However, the company has been cutting jobs lately to deal with softening demand.
Founded by Yuan in 2011, Zoom has become one of the most popular video communication platforms globally, boasting over 400 million daily participants. The company’s decision to let go of Tomb is another move in its efforts to navigate the current market challenges.
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