Regardless of mass layoffs and cost-cutting initiatives all through the tech trade, some prime executives are nonetheless receiving ample compensation.
Throughout a digital Q&A session with Meta staff final week, staff 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 acquired 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 complete government staff get EE/GE rankings [short-hand for top-tier performance reviews at Meta] when they’re additionally straight liable 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 Avenue Journal.
The corporate’s submitting said that C-suite executives acquired bonuses primarily based on particular person efficiency calculations, with the goal share being 75%. Every government is reported to have exceeded expectations properly past the goal and acquired bonuses in six figures.
Associated: Meta Begins Newest Spherical of Layoffs Amid ‘Yr of Effectivity’
Zuckerberg allegedly stated that a number of the executives had stepped into new roles and “taken on expanded scopes,” an worker current for the assembly instructed Insider.
The CEO’s response felt “shallow” and “patronizing,” the particular person instructed the outlet.
Meta has declined to remark to Entrepreneur.
Nevertheless, Meta is not the one tech big that gave out beneficiant bonuses amid downsizing.
Alphabet and Google CEO Sundar Pichai acquired compensation of almost $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 prime executives at Alphabet additionally acquired 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 could be shedding 12,000 staff. The corporate additionally knowledgeable workers it could be reducing again on a number of the workplace perks and applications as a method of cost-cutting.
Entrepreneur has reached out to Google for remark.
Associated: ‘Why me? Why now?’: 8 Months Pregnant Girl Says Google Laid Her Off
