Meta has provided up a profitable new govt bonus plan, . Beneath the brand new plan, executives might earn a yearly bonus of 200 p.c of their base wage, which is up from 75 p.c. This comes simply after Meta introduced sweeping layoffs .
A committee for Meta’s board of administrators authorized the change on February 13, on the grounds that the “goal complete money compensation” for its executives “was at or under the fifteenth percentile of the goal complete money compensation of executives holding comparable positions” at rival corporations. It’s value noting that the brand new bonus plan doesn’t apply to CEO Mark Zuckerberg. Don’t fear about his backside line, nonetheless, as he’s value almost $250 billion.
Meta has additionally determined to slash its annual distribution of inventory choices by round ten p.c for 1000’s of its common workers, . The precise discount might differ relying on the place the staff stay and what they do, however Meta hasn’t commented additional on the choice.
As beforehand famous, Meta is within the means of shedding 5 p.c of its world workforce. That is even if firm shares are up almost 50 p.c over the previous yr, with a present inventory value of round $687 per share. Additionally, it not too long ago introduced that its fourth-quarter income grew 21 p.c year-over-year to greater than $48 billion. The corporate has prior to now couple of years.
"A leaner org will execute its highest priorities sooner. Folks might be extra productive, and their work might be extra enjoyable and fulfilling," Zuckerberg mentioned on the tail-end of final yr. Nothing says “enjoyable and fulfilling” greater than watching your co-workers get laid off whereas the executives get large bonuses.
Should you’re a present or former Meta worker with ideas on this new govt bonus construction, hit me up on Sign at LawrenceBonk.96. I’ll be sure that issues are stored nameless.
This text initially appeared on Engadget at https://www.engadget.com/meta-approves-massive-bonuses-executives-183222206.html?src=rss
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