Zoom Video Communications Inc. said it wants to let go of 1,300 workers, which is about 15% of its staff. The main business divisions of the company are all impacted.
To improve business operations, some units’ organizational structures will be updated. For up to 16 weeks, Zoom will offer affected U.S. employees severance pay as well as medical insurance. Additionally, they will get annual bonuses, six months of stock option vesting, and outplacement support.
Outside of the US, affected Zoom employees will get a similar level of support. Yuan announced plans to forgo the yearly corporate bonus and take a 98% pay cut in the blog post. In addition to skipping the bonus this year, other executives will also receive base pay reductions of 20%.
Read More: Zoom lays off 15% of its workforce as growth slows
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