Meta approves massive bonuses for executives after broad layoffs

8 months ago 7

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,...

Source: https://www.engadget.com/meta-approves-massive-bonuses-executives-183222206.html?src=rss

Read Entire Article

Disclaimer of liability !!!

NEWS.SP1.RO is an automatic news aggregator. In each article, taken over by NEWS.SP1.RO with maximum 500 characters from the original article, the source name and hyperlink to the source are specified.

The acquisition of information aims to promote and facilitate access to information, in compliance with intellectual property rights, in accordance with the terms and conditions of the source.

If you are the owner of the content and do not wish to publish your materials, please contact us by email at [email protected] and the content will be deleted as soon as possible.