Meta approves massive bonuses for executives after broad layoffs
Meta has offered up a lucrative new executive bonus plan, according to a company filing released Thursday. Under the new plan, executives could earn a yearly bonus of 200 percent of their base salary, which is up from 75 percent. This comes just after Meta announced sweeping layoffs impacting five percent of its workforce.
A committee for Meta’s board of directors approved the change on February 13, on the grounds that the “target total cash compensation” for its executives “was at or below the 15th percentile of the target total cash compensation of executives holding similar positions” at rival companies. It’s worth noting that the new bonus plan doesn’t apply to CEO Mark Zuckerberg. Don’t worry about his bottom line, however, as he’s worth nearly $250 billion.
Meta has also decided to slash its annual distribution of stock options by around ten percent for thousands of its regular employees, according to a report by The Financial Times. The exact reduction could differ depending on where the employees live and what they do, but Meta hasn’t commented further on the decision.
As previously noted, Meta is in the process of laying off five percent of its global workforce. This is despite the fact that company shares are up nearly 50 percent over the past year, with a current stock price of around $687 per share. Also, it recently announced that its fourth-quarter revenue grew 21 percent year-over-year to more than $48 billion. The company has cut more than 20,000 jobs in the past couple of years.
"A leaner org will execute its highest priorities faster. People will be more productive, and their work will be more fun and fulfilling," Zuckerberg said at the tail-end of last year. Nothing says “fun and fulfilling” more than watching your co-workers get laid off while the executives get massive bonuses.
If you’re a current or former Meta employee with thoughts on this new executive bonus structure, hit me up on Signal at LawrenceBonk.96. I’ll ensure that things are kept anonymous.This article originally appeared on Engadget at https://www.engadget.com/meta-approves-massive-bonuses-executives-183222206.html?src=rss
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