I expect this is written erroneously. I think it probably is 1) PhI(OAc)2 and 2) Zn. Otherwise I might think the zinc would reduce the iodonium salt. I don't think that is the reaction.
I think this is a two step process. First oxidation of the sulfur and reduction of the (oxidized) ketene thioacetal. Can you make a suggestion if that is the process?
Even if I am wrong (which could be), it may still be easier to understand the reaction if you drew it as a two step process.