Zoom Appoints Bill McDermott to Board of Directors

Rhea-AI Summary

On February 28, 2022, Zoom Video Communications, Inc. (NASDAQ: ZM) announced the appointment of Bill McDermott as an independent director, effective March 1. McDermott, a prominent figure in the tech industry and CEO of ServiceNow, replaces Bart Swanson, who departs after eight years of service. McDermott's extensive experience includes leadership roles at SAP and other major firms. Both McDermott and Zoom’s CEO Eric Yuan expressed excitement about the company's growth potential and McDermott’s contributions to advancing Zoom's vision.

Positive

• Appointment of Bill McDermott as an independent director may bring valuable leadership and operational expertise.
• McDermott's background in scaling technology companies could strengthen Zoom’s strategic direction.

Negative

• Departure of Bart Swanson may raise concerns about leadership continuity.

SAN JOSE, Calif., Feb. 28, 2022 (GLOBE NEWSWIRE) -- Zoom Video Communications, Inc. (NASDAQ: ZM) announced that it has appointed Bill McDermott as an independent director on Zoom’s Board of Directors effective March 1. McDermott will replace Bart Swanson, an early investor in Zoom who is stepping down from the Zoom Board following more than eight years of service.

Bill McDermott is one of the most highly accomplished leaders in the technology industry. He currently serves as president, chief executive officer and director of market leading SaaS company ServiceNow. Over the course of his distinguished career, he has served as CEO of SAP and board of director roles for major global brands including, Under Armour, Ansys, Dell SecureWorks and Fisker, Inc.

“Zoom is a widely recognized, highly admired brand with incredible growth opportunities ahead,” said McDermott. “I am thrilled to partner with Eric Yuan, an inspiring founder with a bold vision to improve people’s lives on the Zoom platform. I am also excited to be joining the Board at this milestone moment for video, voice, chat and content sharing. I believe this company has tremendous potential to drive expansion of the Zoom platform.” 

“On behalf of Zoom’s Board of Directors, I am thrilled to welcome Bill to Zoom,” said Zoom Founder and CEO Eric S. Yuan. “Bill is one of the most respected and admired leaders in the tech industry. His operational expertise and experience driving growth at scale will be invaluable as we strive to propel Zoom forward to support future generations of customers and partners. We look forward to Bill’s perspectives and contributions.”

Yuan continued, “I also want to thank Bart for his many years of dedication to Zoom, believing in and championing the company from our very early days, and the valuable contributions he provided in helping Zoom become the company it is today. We wish him well in his future endeavors.”

About Bill McDermott
Bill McDermott has served as the Chief Executive Officer and a member of the Board of Directors of ServiceNow, Inc., a public digital workflow company since November 2019. From 2010 through 2014, McDermott served as Co-Chief Executive Officer, and from 2014 until October 2019, as sole Chief Executive Officer, of SAP SE (“SAP”), a multinational software company providing enterprise software. McDermott joined SAP in 2002 as Chief Executive Officer of SAP America, Inc., and served on the SAP Executive Board from 2008 until October 2019. Prior to joining SAP, McDermott served as Executive Vice President of Worldwide Sales and Operations at Siebel Systems, Inc. and served as President of Gartner, Inc. Prior to that, McDermott held several senior executive roles at Xerox Corporation. McDermott currently serves on the board of directors of Fisker Inc., an automotive technology company. McDermott received a B.A. in business management from Dowling College, received his M.B.A from Northwestern University’s Kellogg School of Management and completed the Executive Development Program at the Wharton School of Business.

About Zoom
Zoom is for you. Zoom is a space where you can connect to others, share ideas, make plans, and build toward a future limited only by your imagination. Our frictionless communications platform is the only one that started with video as its foundation, and we have set the standard for innovation ever since. That is why we are an intuitive, scalable, and secure choice for individuals, small businesses, and large enterprises alike. Founded in 2011, Zoom is publicly traded (NASDAQ: ZM) and headquartered in San Jose, California. Visit zoom.com and follow @zoom.

Forward-Looking Statements
This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom’s exciting growth opportunities. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including those described under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our quarterly report on Form 10-Q for the fiscal quarter ended October 31, 2021. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Zoom Press Relations
Colleen Rodriguez
Global PR Lead
press@zoom.us

FAQ

Who is Bill McDermott and what is his role at Zoom?

Bill McDermott is appointed as an independent director on Zoom's Board effective March 1, 2022. He is the CEO of ServiceNow and has extensive experience in leading technology companies.

Why did Bart Swanson leave the Zoom Board?

Bart Swanson is stepping down after over eight years of service, though specific reasons for his departure were not detailed in the press release.

What is expected from Bill McDermott in his role at Zoom?

Bill McDermott is anticipated to leverage his operational expertise to support Zoom's growth and strategic initiatives.

When did the announcement about Bill McDermott's appointment take place?

The announcement regarding Bill McDermott's appointment was made on February 28, 2022.