Zoom fired its President, Greg Tomb, after just 10 months. 

He will be paid severance benefits as per the terms of the “termination without cause.”

The videoconferencing firm said in a Securities and Exchange Commission filing his termination would be effective from Friday, March 3.

Read More: Zoom will cut 1,300 jobs as CEO takes 98 percent pay reduction

Tomb is a former Google executive.

During his brief tenure he held a high-profile role, appearing on earnings calls and leading the company’s sales operation.

He directly reported to Zoom CEO Eric Yuan, who founded the company in 2011 and had to expand quickly during a pandemic-fueled boom.

To deal with a downturn, the company has recently slashed jobs.

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A company spokesperson said it isn’t currently considering a replacement and declined to comment further.

Some on Wall Street saw the abrupt change negatively.

In a note to clients, Citigroup analyst Tyler Radke said it is “hard to read this in a positive light.” 

He noted that the sharp timing and little clarification on the removal “gives investors plenty of leash to speculate on the reasons behind the departure.”

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Tomb’s compensation package included a $45 million stock grant that would vest over four years, plus a $400,000 basic pay and an eight percent bonus target.

Last month, Zoom confirmed a 15 percent job cut affecting 1,300 employees.

Mr. Yuan took the blame and accepted a 98 percent pay cut, resulting in a salary of $10,000 this year.

Source: Bloomberg

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