Royal Assets - Zoom (ZM) stock price declines after Ousting President Hired in June

NORTH BRIDGE ROAD, Singapore - April 24, 2023 - PRLog -- Despite surpassing earnings expectations this week, ZM did not provide any additional details regarding the decision.

Tomb, who previously worked for Alphabet Inc. (GOOG), left the company following a workforce reduction of approximately 15% at ZM. As per the terms of a 'termination without cause' agreement, he is entitled to severance benefits.

In a filing with the Securities and Exchange Commission (SEC) in June, ZM disclosed that Tomb would receive an annual base salary of $400,000 and a target bonus of 8% per year. Additionally, he was granted $45 million in stocks that would vest over four years as part of his compensation package.

Last month, ZM's CEO Eric Yuan announced that he would take a 98% pay cut in response to the uncertain economic conditions, following the example of other major companies such as Apple Inc. (AAPL), Intel Corporation (INTC) and The Goldman Sachs Group Inc. (GS). Yuan's annual base salary of $300,000 accounts for a part of his total compensation of $1.1 million. Additionally, other members of the executive leadership team will reduce their base salaries by 20% for the year, according to Yuan.

Due to the pandemic's impact on virtual meetings, his ownership in ZM had elevated him to one of the wealthiest individuals globally in 2020.

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