Zoho CEO Sridhar Vembu Lashes Out at Indian Tech Company for Laying Off 12–13% Workforce Despite Strong Performance, Calls It ‘Naked Greed’
Zoho CEO Sridhar Vembu lashed out at an Indian company conducting layoffs despite having good performance, cash profit, and annual revenue. He did not give out any specific name of the company but said that the company’s “naked greed” could do such a thing. Sridhar Vembu said that a company laying off 12-13% of its workforce despite having USD 1 billion cash, 1.5 times its annual revenue, and still growing at a 20% rate and making cash profit should not expect any loyalty from its employees. He added, “And to add insult to injury, when it can afford $400 million in a stock buy back. I can understand the unfortunate reality of layoffs when a business is struggling or declining and making a loss. This is not that situation, this is naked greed, nothing less.” Zoho CEO further questions the company’s vision, imagination and lack of empathy. Freshworks Layoffs: AI SaaS Provider Announces Reduction of 13% of Its Global Workforce, Affecting 660 Employees in US, India and Other Countries.
Zoho Co-Founder and CEO Sridhar Vembu’s Post Attacking Tech Layoffs by an Indian Tech Company
A company that has $1 billion cash, which is about 1.5 times its annual revenue, and is actually still growing at a decent 20% rate and making a cash profit, laying off 12-13% of its workforce should not expect any loyalty from its employees ever. And to add insult to injury,…
— Sridhar Vembu (@svembu) November 7, 2024
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