School grades are out – What matters when applying!
Meta CEO Mark Zuckerberg held a conference call last week with disgruntled employees who have survived yet another mass layoff. He was asked about the salaries of executives who received large bonuses despite relatively poor business results. Zuckerberg’s responses were perfunctory and condescending, staff say. Mark Zuckerberg answered questions from disgruntled employees last week.
School grades are out – What matters when applying!
Meta CEO Mark Zuckerberg held a conference call last week with disgruntled employees who have survived yet another mass layoff. He was asked about the salaries of executives who received large bonuses despite relatively poor business results. Zuckerberg’s responses were perfunctory and condescending, staff say. Mark Zuckerberg answered questions from disgruntled employees last week.
Job cuts & bonus payments
Job cuts & bonus payments
Employees rightly wanted to know why Meta executives face no consequences for their decisions, which have led to thousands of layoffs and counting. Zuckerberg, who has been on maternity leave since giving birth to his third child last month, hosted the conference call for employees who survived another round of layoffs. This took place on Wednesday and focused on Meta’s technical and engineering teams. The CEO confirmed that the company, formerly known as Facebook, laid off 4,000 employees in April, according to two people familiar with the conversation – in addition to the 11,000 employees who were laid off in November. He acknowledged that, as expected and previously noted by workers, the latest cuts have hit management hard, with about 20 percent of managers being laid off or moved to non-management roles.
Mark Zuckerberg answered questions asked in advance by employees during the conference call, similar to the past few weeks’ weekly Q&A sessions moderated by other executives. Many questions centered on the reasons for the recent layoffs, and while Zuckerberg took full responsibility for them, he also explained that his company’s predicament was due to unexpected macroeconomic events such as extreme volatility (volatile/fluctuating), higher interest rates and the Russian invasion in Ukraine is due. Despite the already announced cuts in business areas, which are to be carried out in May, he did not rule out another wave of layoffs in the future.
We are in a different world now, he said in the call, according to those close to him.
One of the most common questions from employees was why executives have been receiving bonuses that have exceeded expectations over the past year, even as the company has experienced an historic share decline and is conducting layoffs. At the same time, bonuses for most low-level employees have been cut and their performance assessed more severely. In addition, a number of perks and benefits were eliminated last year to cut costs. The company has not issued an official statement on the matter. During the conference call, Zuckerberg said several senior executives, most notably Susan Li, who has been appointed CFO after more than 10 years with the company, received good reviews for taking on new roles and expanding responsibilities.
Zuckerberg also argued that Meta’s overall performance has had a negative impact on executives, meaning a cut in their bonuses was planned. However, several employees found the response superficial and condescending.
Another criticism was that employees regularly change roles and expand their responsibilities, but that they do not automatically exceed expectations. Instead, we should focus on the results. Last year, Meta’s stock price fell to its lowest level since 2015, when the company struggled with declining revenue growth and spent nearly $14 billion on the Metaverse, spooked investors. Per Meta’s 2022 proxy statement, all executives received individual bonuses based on a performance multiplier. Although a multiple of 85 percent would have been enough to meet expectations, all executives received multiples of either 125 or 165 percent, showing that they far exceeded expectations.
Proud Bonus Payments
- Meta’s Chief Financial Officer, Susan Li, received a $575,613 bonus.
- Christopher Cox, the CPO (Chief Procurement Officer), received the highest bonus of all executives and received 940,214 US dollars (approx. 853,375 euros).
- COO Javier Olivan received a bonus of US$786,552 (approx. €713,906)
- CTO (Chief Technology Officer) Andrew Bosworth received a $714,588 bonus
- David Whener, who assumed the new position of Chief Strategy Officer, received a $712,284 bonus.
- Sheryl Sandberg, who officially resigned as COO (Chief Operation Officer) in September, received a bonus of US$298,385.
And here we are actually talking about bonuses paid on top!
It shows once again that the money keeps falling, while the “little” employees are, as usual, at a disadvantage.
Employees rightly wanted to know why Meta executives face no consequences for their decisions, which have led to thousands of layoffs and counting. Zuckerberg, who has been on maternity leave since giving birth to his third child last month, hosted the conference call for employees who survived another round of layoffs. This took place on Wednesday and focused on Meta’s technical and engineering teams. The CEO confirmed that the company, formerly known as Facebook, laid off 4,000 employees in April, according to two people familiar with the conversation – in addition to the 11,000 employees who were laid off in November. He acknowledged that, as expected and previously noted by workers, the latest cuts have hit management hard, with about 20 percent of managers being laid off or moved to non-management roles.
Mark Zuckerberg answered questions asked in advance by employees during the conference call, similar to the past few weeks’ weekly Q&A sessions moderated by other executives. Many questions centered on the reasons for the recent layoffs, and while Zuckerberg took full responsibility for them, he also explained that his company’s predicament was due to unexpected macroeconomic events such as extreme volatility (volatile/fluctuating), higher interest rates and the Russian invasion in Ukraine is due. Despite the already announced cuts in business areas, which are to be carried out in May, he did not rule out another wave of layoffs in the future.
We are in a different world now, he said in the call, according to those close to him.
One of the most common questions from employees was why executives have been receiving bonuses that have exceeded expectations over the past year, even as the company has experienced an historic share decline and is conducting layoffs. At the same time, bonuses for most low-level employees have been cut and their performance assessed more severely. In addition, a number of perks and benefits were eliminated last year to cut costs. The company has not issued an official statement on the matter. During the conference call, Zuckerberg said several senior executives, most notably Susan Li, who has been appointed CFO after more than 10 years with the company, received good reviews for taking on new roles and expanding responsibilities.
Zuckerberg also argued that Meta’s overall performance has had a negative impact on executives, meaning a cut in their bonuses was planned. However, several employees found the response superficial and condescending.
Another criticism was that employees regularly change roles and expand their responsibilities, but that they do not automatically exceed expectations. Instead, we should focus on the results. Last year, Meta’s stock price fell to its lowest level since 2015, when the company struggled with declining revenue growth and spent nearly $14 billion on the Metaverse, spooked investors. Per Meta’s 2022 proxy statement, all executives received individual bonuses based on a performance multiplier. Although a multiple of 85 percent would have been enough to meet expectations, all executives received multiples of either 125 or 165 percent, showing that they far exceeded expectations.
Proud Bonus Payments
- Meta’s Chief Financial Officer, Susan Li, received a $575,613 bonus.
- Christopher Cox, the CPO (Chief Procurement Officer), received the highest bonus of all executives and received 940,214 US dollars (approx. 853,375 euros).
- COO Javier Olivan received a bonus of US$786,552 (approx. €713,906)
- CTO (Chief Technology Officer) Andrew Bosworth received a $714,588 bonus
- David Whener, who assumed the new position of Chief Strategy Officer, received a $712,284 bonus.
- Sheryl Sandberg, who officially resigned as COO (Chief Operation Officer) in September, received a bonus of US$298,385.
And here we are actually talking about bonuses paid on top!
It shows once again that the money keeps falling, while the “little” employees are, as usual, at a disadvantage.
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