Despite mass layoffs and cost-cutting initiatives across the tech industry, some top executives are still getting adequate compensation.
During a virtual Q&A session with Meta Employees last week, workers grilled the CEO Mark Zuckerberg About the six-figure bonuses awarded to executives amid a tumultuous time of company layoffs and falling stocks.
According to the company’s SEC Filing Released last week, C-suite executives at Meta received six-figure bonuses in 2022: CFO Susan Lee ($575,613), CPO Christopher Cox ($940,214), COO Javier Olivan ($786,552), CTO Andrew Bosworth ($714,588) and Chief Strategy Officer. , ) David Weiner ($712,284) and former COO Sheryl Sandberg ($298,385).
“Why the entire executive team got an EE/GE rating [short-hand for top-tier performance reviews at Meta] When they are directly responsible for the selection that required us to lay off 20+% of the company? Where’s the accountability?” asked one employee The Wall Street Journal.
C-suite executives received bonuses based on individual performance calculations, with a target percentage of 75%, company filings said. Each executive is reported to have exceeded expectations and received six-figure bonuses.
Related: Meta launches latest round of layoffs amid ‘years of efficiency’
Zuckerberg reportedly said some executives have stepped into new roles and “taken on expanded responsibilities,” an employee present at the meeting said. Internal.
The CEO’s response seemed “shallow” and “patronizing,” the person told the outlet.
Meta declined to comment entrepreneur.
However, Meta isn’t the only tech giant to have given out generous bonuses amid downsizing.
Alphabet and Google CEO Sundar Pichai received nearly $226 million in compensation in 2022, according to the company’s SEC Filing last week. His total compensation for 2021 was $6,322,599. All five of Alphabet’s other top executives also received compensation in the millions for 2022, with an increase of at least nine million over the previous year.
Pinchai’s significant jump in compensation is largely attributable to $218 million in stock awards for 2022 (he had none in 2020 or 2021).
In January, Google announced It will lay off 12,000 employees. The company also informed staff that it would be laying off some Office benefits and programs as a means of reducing costs.
entrepreneur Google has been contacted for comment.
Related: ‘Why me? Why now?’: 8-month pregnant woman says Google abandoned her
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