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Meta, Google Execs Receive Big Bonuses Amid Layoffs

Despite mass layoffs and cost-cutting initiatives across the technology industry, some top executives still receive generous compensation.

During a virtual question-and-answer session with Meta employees last week, employees questioned CEO Mark Zuckerberg about the six-figure bonuses given to executives amid the company’s turbulent time of layoffs and stock dips.

According to the company’s SEC submit Released last week, C-suite executives at Meta 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), Strategy Officer (CSO) David Whener ($712,284) and former COO Sheryl Sandberg ($298,385).

“Why did the entire executive team get EE/GE ratings [short-hand for top-tier performance reviews at Meta] while also being directly responsible for the choices that led to us having to lay off 20+% of the company? Where is the responsibility?” asked an employee per The Wall Street Journal.

The company’s filing stated that C-suite executives received bonuses based on individual performance calculations, with a target rate of 75%. Each executive reportedly exceeded expectations and received six-figure bonuses.

Related: Meta Kicks Off Latest Round of Layoffs Amid ‘Year of Efficiency’

Zuckerberg reportedly said some of the executives have moved into new positions and “expanded scopes,” an aide who attended the meeting told me. Insider.

The CEO’s response felt “shallow” and “patronizing,” the person told the outlet.

Meta has declined to comment australiabusinessblog.com.

However, Meta isn’t the only tech giant to hand out generous bonuses during downsizing.

Alphabet and Google CEO Sundar Pichai received compensation of nearly $226 million in 2022, according to the company’s SEC submit last week. His total compensation for 2021 was $6,322,599. All five other top executives at Alphabet also received a multi-million dollar payment for 2022, an increase of no less than nine million compared to the previous year.

Pinchai’s significant increase in compensation is largely attributed to the $218 million in stock awards for 2022 (he had none in 2020 or 2021).

In January, Google announced it would lay off 12,000 employees. The company also informed staff that it would be cutting back on a number of office benefits and programs to cut costs.

australiabusinessblog.com has contacted Google for comment.

Related: ‘Why me? Why now?’: 8-month pregnant woman says Google fired her

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