SAN JOSE, Calif. (KRON) — Having lived through the COVID-19 pandemic, you’ve probably become quite familiar with video meeting company Zoom.

Tuesday, the San Jose-based company announced its plans to cut 15 percent of its global workforce in a letter to employees published on its corporate blog. This will impact around 1,300 employees.

The company also announced its CEO Eric Yuan would be taking a 98 percent pay cut and members of executive leadership would be taking a 20 percent pay cut to their base salaries and forfeiting their corporate bonuses.

“We didn’t take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities,” Yuan said in the letter. “As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today– and I want to show accountability not just in words but in my own actions.”

Yuan cited Zoom’s rapid growth and aggressive hiring over the past two years as the reason for the layoffs at this point.

As of Tuesday, Feb. 7, Zoom’s stock price has fallen about 43 percent year over year.

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Zoom is far from the only tech company to announce layoffs recently. Several other companies that have announced staffing cuts have also cited an aggressive hiring period during the pandemic as more and more people relied on technology.

“My commitment to you is that we will make sure the changes we are making to our team today are not made in vain,” Yuan said as he closed his letter. “We will learn from the past to set ourselves up for future success, and redouble our efforts to help evolve Zoom to tomorrow.”