Zoom sacks President Greg Tomb after only 10 months on the job
Tomb, a former Google employee, will receive severance benefits in accordance with his employment arrangements, payable upon a "termination without cause," according to a filing with the Securities and Exchange Commission.
- Mar 5, 2023,
- Updated Mar 5, 2023 2:15 PM IST
Zoom has terminated its President, Greg Tomb, who had only been with the company for about 10 months. Tomb, a former Google employee, will receive severance benefits in accordance with his employment arrangements, payable upon a "termination without cause," according to a filing with the Securities and Exchange Commission. Aparna Bawa, the Chief Operating Officer at Zoom, signed off on the filing.
"Termination without cause" is a legal term that refers to a situation where an employee is terminated from their job without any specific reason or cause, and is not related to the employee's performance or behaviour. This means that the employer has decided to end the employment relationship for reasons unrelated to the employee's performance, conduct or other faults. In such cases, the employee may be entitled to receive certain severance benefits, as per their employment contract or applicable laws.
When Tomb joined Zoom in June 2022, the company stated in an SEC filing that he would earn an annual base salary of $400,000 with a yearly bonus target of 8 per cent. The employment agreement also included a $45 million stock grant, which would vest over four years. It is unclear who will replace Tomb in his position as president of Zoom, and a spokesperson for the company has said that it has no plans to find a replacement.
Tomb's LinkedIn profile shows that he was previously a president at software firm SAP and computer programming provider Vivido Labs. He is also a member of the board of Pure Storage, a tech company.
Tomb's termination comes on the heels of Zoom's announcement in early February that it was laying off about 1,300 employees, which represents 15 per cent of its workforce. Eric Yuan, the CEO and founder of Zoom, has taken accountability for the mistakes and actions that led to the layoffs. Yuan said that he would take a 98 per cent pay cut, with his salary for the year set to be $10,000.
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Zoom has terminated its President, Greg Tomb, who had only been with the company for about 10 months. Tomb, a former Google employee, will receive severance benefits in accordance with his employment arrangements, payable upon a "termination without cause," according to a filing with the Securities and Exchange Commission. Aparna Bawa, the Chief Operating Officer at Zoom, signed off on the filing.
"Termination without cause" is a legal term that refers to a situation where an employee is terminated from their job without any specific reason or cause, and is not related to the employee's performance or behaviour. This means that the employer has decided to end the employment relationship for reasons unrelated to the employee's performance, conduct or other faults. In such cases, the employee may be entitled to receive certain severance benefits, as per their employment contract or applicable laws.
When Tomb joined Zoom in June 2022, the company stated in an SEC filing that he would earn an annual base salary of $400,000 with a yearly bonus target of 8 per cent. The employment agreement also included a $45 million stock grant, which would vest over four years. It is unclear who will replace Tomb in his position as president of Zoom, and a spokesperson for the company has said that it has no plans to find a replacement.
Tomb's LinkedIn profile shows that he was previously a president at software firm SAP and computer programming provider Vivido Labs. He is also a member of the board of Pure Storage, a tech company.
Tomb's termination comes on the heels of Zoom's announcement in early February that it was laying off about 1,300 employees, which represents 15 per cent of its workforce. Eric Yuan, the CEO and founder of Zoom, has taken accountability for the mistakes and actions that led to the layoffs. Yuan said that he would take a 98 per cent pay cut, with his salary for the year set to be $10,000.
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For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine