Cathie Wood, CEO and CIO of ARK Invest, shares where she sees growth in the stock market and the future of the technology and AI sectors.
Zoom Video Communications Inc. abruptly fired President Greg Tomb, a former Google executive who joined the tech company just ten months earlier.
Tomb’s termination was effective Friday, March 3rd.
This is according to a filing with the Securities and Exchange Commission (SEC). Tomb “receives severance payments in accordance with his terms of employment, payable upon ‘quite termination’ without cause.”
In this photo illustration a Zoom Video Communications logo viewed on a smartphone. (Rafael Henrique/SOPA Images/LightRocket via Getty Images/Getty Images)
The filing was signed by Aparna Bawa, CEO of Zoom.
A Zoom spokesman told Fox News Digital that the company is not currently looking for a replacement.
Tomb’s tenure at the San Jose, Calif.-based company included a $45 million stock award that would vest over four years, in addition to a $400,000 base salary with an 8% bonus target according to a filing filed with the SEC in June.
ZOOM REDUCES THE NUMBER OF EMPLOYEES BY 1,300
Tomb’s termination comes after Eric Yuan, CEO and founder of Zoom, announced on Feb. 7 that the company would reduce its headcount by 15%, or about 1,300 employees.
In a memo to employees, Yuan attributed the layoffs to “the uncertainty of the global economy and its impact on our customers,” but also said the company “made mistakes” as it grew rapidly during the pandemic.
Eric Yuan speaks onstage during the Dropbox Work In Progress Conference at Pier 48 on September 25, 2019 in San Francisco, California. (Matt Winkelmeyer/Getty Images for Dropbox/Getty Images)
This photo illustration shows a Zoom Video logo viewed on a smartphone. (Rafael Henrique/SOPA Images/LightRocket via Getty Images/Getty Images)
Yuan shared that at the start of the COVID-19 pandemic, “Zoom has grown threefold to meet this demand while enabling continuous innovation.”
In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forego his company bonus. In addition, other members of the Executive Leadership Team will also take a 20% pay cut this year and also forego corporate bonuses.
GET FOX BUSINESS ON THE GO BY CLICKING HERE