Zoom Ousts President Greg Tomb ‘Without Cause’ – C-Suite Transitions

Zoom Video Communications (ZM) terminates its recently appointed President, Greg Tomb, without cause amidst job cuts.

Sudden Departures

1. Ontrak (OTRK): On March 3, 2023, Ontrak announced Terren S. Peizer resigned as Chairman of the Board, Executive Chairman, and Chief Executive Officer of Ontrak, effective March 2, 2023. The U.S. Department of Justice announced charges and the SEC filed a civil complaint against Mr. Peizer alleging unlawful insider trading in the company’s stock.
2. PGT Innovations (PGTI): On March 3, 2023, PGT Innovations announced John Kunz Chief Financial Officer was terminated without cause effective  February 27, 2023.
3. FB Financial Corp (FBK): On March 3, 2023, Keith Rainwater notified FB Financial Corporation and its wholly owned subsidiary, FirstBank, of his decision to resign as Chief Accounting Officer effective March 16, 2023.

The pandemic-induced shift to remote work and virtual events led to a surge in the use of video conferencing technology in recent years and Zoom became a verb in our lexicon.

Before the pandemic, the company faced criticism for its security and privacy practices. A class-action lawsuit was filed against Zoom on the grounds that it failed to adequately notify users when sharing their data with Facebook and other third parties.  “Zoom bombing,” in which people interrupt meetings and online classes with offensive content was also an issue early in the pandemic. In response, Zoom made a number of security and privacy updates, including the ability for users to manage their own data and end-to-end encryption.

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