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Tech Industry
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Following up on https://www.teamblind.com/post/What-do-you-think-about-Zoom-CEO-taking-98-pay-cut-PrF4uGPg since most people don't seem to know about it and other news Zoom CEO Yuan said he would take a 98% pay cut. A 98% pay cut to his 2022 base salary would reduce it from $300,000 to $6,000. Though per their regulatory filings, his salary for this year is $10K indicating he would have had a base of $500K otherwise https://biz.crast.net/zoom-ceo-to-take-10000-salary-this-year-98-pay-cut-moves-company-after-1300-laid-off-due-to-mistakes/ But over 75% of his salary comes from stock and other compensation: https://www1.salary.com/Eric-S-Yuan-Salary-Bonus-Stock-Options-for-ZOOM-VIDEO-COMMUNICATIONS-INC.html So technically this is more of a 20% pay cut, not the headline 98% cut. He would still be making over $700K from stocks and other compensation.
I expected a zoom ceo TC without cuts to be a lot more. I’ve seen Amazon middle managers make more.
He is the founder and a multi billionaire.
That’s not his TC just base
but isn't salary way too low as CEO. SDEs have more TC.
Not really at Zoom
Tbh, 700k for the role (and stress) of CEO sounds pretty low. So he's already way ahead of the pack in terms of "taking responsibility"
Realistically this is an olive branch either way, the guy isn’t fundamentally hurting for cash, but I appreciate the gesture because it does show some level of backing up your words.
That’s a common gesture in Asia (Japanese, Chinese) culture.
From what I understand it wouldn’t have been uncommon here 40 years ago either, before the “greed is good” virus infected everyone.
“Now that I’m a billionaire I’ll cut my salary”
Lmao
He is still better than Sundar, who destroys Google, fires long-time employees, cuts bonuses of everyone except his.
Might as well have made it 100%
Am I the only one seeing through this smoke screen. Guy’s compensation is heavily skewed to stock compensation, takes 98% of his “base salary” and gets praised! His base salary is a drop in the ocean and wouldn’t care even if he gave ALL if it away. The only redeeming thing is that his stock is down 84% from peak so his stock comp is also in the shitter. But that wasn’t his great gesture, the market did that for him.
Sure, at some level it’s just virtue signaling, but given the choice I’d rather work for the guy doing that then the guy going “fuck you, got mine”.
Fair enough, I can understand that
This is way better than what Sundar and his gang did. Not a single penny from his salary was cut. He makes hundreds of millions in a year. He just said the execs will have "less bonus". Nothing else.
He is a greedy weasel but it is a myth that Sundar makes hundreds on millions a year. Where did that come from?
I was including his stocks too.
He said he was giving up all bonus as well. He needs some money so he can stay on payroll and get insurance. I guess he collected first pay check and voided the rest.