- On February 28, 2023, Zoom Video Communications, Inc (NASDAQ:ZM) terminated the employment of Greg Tomb as the President, effective March 3, 2023.
- Tomb will receive the severance benefits payable per his previously disclosed employment arrangements that are payable upon a “termination without cause.”
- A spokesperson for Zoom said the company is not looking to find a replacement now.
- The former Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google executive had taken a high-profile role at Zoom during his short tenure, appearing on earnings calls and overseeing the company’s sales operation.
- Tomb reported directly to CEO Eric Yuan, who started Zoom in 2011 and had to build up the business during a pandemic-fueled boom rapidly.
- More recently, Zoom has been cutting jobs to deal with softening demand.
- On February 27, Zoom said fourth-quarter revenue increased 4% year-over-year to $1.12 billion, which beat consensus estimates of $1.1 billion.
- The communications company reported quarterly earnings of $1.22 per share, which beat average analyst estimates of 80 cents per share.
- Price Action: ZM shares traded lower by 1.53% at $69.55 premarket on the last check Friday.
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