“To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus.”
Zoom cuts about 1,300 people, 15% of the company, after tripling headcount in 24 months. Yuan admits the company never checked whether it was growing sustainably. His executives take a 20% base pay cut for one year. The 1,300 lose their jobs, get up to 16 weeks of pay, and find out by email. Accountability for the CEO is a smaller paycheck. For everyone else it is the door.