Regardless of mass layoffs and cost-cutting initiatives all through the tech trade, some high executives are nonetheless receiving ample compensation.
Throughout a digital Q&A session with Meta workers final week, employees grilled CEO Mark Zuckerberg concerning the six-figure bonuses given to executives amid the corporate’s turbulent time of layoffs and inventory dips.
In line with the corporate’s SEC submitting launched final week, C-suite executives at Meta obtained six-figure bonuses in 2022: CFO Susan Li ($575,613), CPO Christoper Cox ($940,214), COO Javier Olivan ($786,552), CTO Andrew Bosworth ($714,588), Technique Officer (CSO) David Whener ($712,284) and former COO Sheryl Sandberg ($298,385).
“Why did the whole govt group get EE/GE rankings [short-hand for top-tier performance reviews at Meta] when they’re additionally straight accountable for the alternatives that led to us needing to put off 20+% of the corporate? The place is the accountability?” one worker requested, per The Wall Road Journal.
The corporate’s submitting acknowledged that C-suite executives obtained bonuses based mostly on particular person efficiency calculations, with the goal share being 75%. Every govt is reported to have exceeded expectations nicely past the goal and obtained bonuses in six figures.
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Zuckerberg allegedly mentioned that a number of the executives had stepped into new roles and “taken on expanded scopes,” an worker current for the assembly advised Insider.
The CEO’s response felt “shallow” and “patronizing,” the particular person advised the outlet.
Meta has declined to remark to Entrepreneur.
Nonetheless, Meta is not the one tech large that gave out beneficiant bonuses amid downsizing.
Alphabet and Google CEO Sundar Pichai obtained compensation of practically $226 million in 2022, in keeping with the corporate’s SEC submitting final week. His complete compensation for 2021 was $6,322,599. All 5 different high executives at Alphabet additionally obtained compensation within the tens of millions for 2022, with a rise of at the least 9 million in comparison with the 12 months earlier than.
Pinchai’s important bounce in compensation is usually attributed to the $218 million in inventory awards for 2022 (he had none in 2020 or 2021).
In January, Google introduced it might be shedding 12,000 workers. The corporate additionally knowledgeable workers it might be slicing again on a number of the workplace perks and applications as a method of cost-cutting.
Entrepreneur has reached out to Google for remark.
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