- Last week, Meta’s CEO went on another major strike.
- Due to the relatively poor business results, the salaries of top executives were demanded, because they received high bonuses.
- According to the staff, Zuckerberg’s responses were “shallow” and “fun”.
Last week, Mark Zuckerberg responded to questions from angry employees about Meta executives’ decisions that led to thousands of layoffs, and why the growing numbers had no meaningful effect.
Zuckerberg, who has been on maternity leave since last month to give birth to her third child, called on employees who survived the layoffs on Wednesday, focusing on Meta’s technology and engineering teams. The company, formerly known as Facebook, cut 4,000 jobs in April, two people familiar with the project said, in addition to the 11,000 laid off in November. As previously expected by employees, he admitted that recent layoffs have had a significant impact on management, with 20% of managers resigning or leaving the board.
As usual, during these weekly Q&A-style calls with employees led by other executives in recent weeks, Zuckerberg answered pre-set questions that employees voted for most. Wall Street opinion.
With Zuckerberg repeatedly giving credit to himself, “It’s entirely on him,” people familiar with the matter said, with most of the questions again focused on why the cuts were being made. However, he tried to explain the company’s current situation by citing “unprecedented macroeconomics” and “unprecedented volatility,” citing interest rates and Russia’s invasion of Ukraine. They did not deny that more layoffs are possible in the future. Following the pre-announcement of the trade categories expected in May, people are talking.
“We’re in a different world now,” he said by phone, according to people who know him.
One of the most frequent questions from employees is whether senior executives received “higher-than-expected” bonuses as the company not only experienced a historic pay cut and layoffs, but also stock bonuses. . Most workers were demoted and their jobs were judged more harshly than ever before. Many perks and benefits have been cut over the past year as Meta looks to cut costs.
A company spokesman declined to comment.
As Zuckerberg explained on the call, Susan Lee, the company’s chief financial officer for more than a decade, said, “They’re doing a great job of taking on new jobs that they haven’t filled before, and I welcome them on the call. Broadly speaking. says the source. Zuckerberg also said that Meta’s overall performance is having a negative impact on leaders, meaning their bonuses are “predictable”.
The source found the response to many employees “superficial” and “very boring”.
“Employees are constantly changing their roles and not performing as expected. We need to be results-oriented,” the person added.
Meta shares fell to their lowest level since 2015 after months of earnings growth as the company struggled to recover from a slump in its advertising business and surprised investors by spending nearly $14 billion on Meta investments.
According to the official Meta 2022 release, each top executive received bonuses based on their individual performance. Although the 85% multiplier showed that they met the expectations, all the directors achieved a multiplier of 125% or 165%, which is much higher than what was expected of them.
Chief Financial Officer Susan Lee received a bonus of $575,613; CPO Christopher Cox received a $940,214 bonus, the largest bonus of any executive. CEO Javier Oliva received a bonus of $786,552; Andrew Bosworth received a bonus of $714,588; And David Weiner, who took over the newly created role of chief strategy officer, received a $712,284 bonus. Sheryl Sandberg, who officially stepped down as chief operating officer in September, received a $298,385 bonus.
“It’s easy to say you’ve taken full responsibility when you or your team are in financial trouble,” says one insider.
Are you a meta contributor or just someone with an idea to share? Find Kali Hayes at [email protected], Through A secure messaging app Signal at 949-280-0267 or DM on Twitter @hayskali. Connect using a disabled device.