Despite massive layoffs and cost-cutting initiatives across the tech industry, some top executives proceed to receive high salaries.
In a virtual Q&A session with Meta employees last week, employees interviewed CEO Mark Zuckerberg in regards to the six-figure bonuses given to executives during a tumultuous period of layoffs and falling prices at the corporate.
Based on the SEC sawing released last week, Meta’s top executives received 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 USD), Strategy Officer (CSO) David Whener ($712,284) and former Chief Operating Officer Sheryl Sandberg ($298,385).
“Why did the whole executive team get EE/GE rankings [short-hand for top-tier performance reviews at Meta] once they are also directly answerable for the alternatives that led to us having to put off greater than 20% of the corporate? Where is the responsibility?” asked certainly one of the workers, per Wall Street Journal.
The corporate’s filing stated that top management received bonuses based on individual performance calculations, with a goal percentage of 75%. Each executive was reported to have exceeded expectations well above goal and received six-figure bonuses.
Related: Meta begins final round of ‘productivity yr’ layoffs
Zuckerberg allegedly said some executives stepped into latest roles and “adopted expanded scope”, said an worker present on the meeting Initiate.
The CEO’s response seemed “shallow” and “condescending,” an individual at the purpose of sale said.
Meta declined to comment Entrepreneur.
Nevertheless, Meta is just not the one tech giant to have given generous cutback bonuses.
Alphabet and Google CEO Sundar Pichai received compensation of nearly $226 million in 2022, in response to the corporate’s SEC submission last week. His total compensation for 2021 was $6,322,599. All five other Alphabet top executives also received multi-million dollar compensation for 2022, a rise of at the very least nine million from the previous yr.
The numerous jump in Pinchai’s salary is especially attributed to the $218 million in stock awards for 2022 (he had none in 2020 or 2021).
In January, Google announced it will cut 12,000 employees. The corporate also informed employees that it will cut some add-ons and office programs to cut back costs.
Entrepreneur contacted Google for comment.
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