Meta CEO Zuckerberg grilled for paying bonuses up to Rs 7.70 crore amid layoffs

Meta has faced backlash from employees after it was revealed that top executives received six-figure bonuses in 2022 despite the company's turbulent time of layoffs and stock dips. A virtual Q&A session with CEO Mark Zuckerberg brought forth this issue of high payouts in the light of ongoing layoffs.  Reportedly, workers grilled Meta CEO about the bonuses. The bonuses were given to CFO Susan Li, CPO Christoper Cox, COO Javier Olivan, CTO Andrew Bosworth, Strategy Officer David Whener, and former COO Sheryl Sandberg. The bonus offered to an individual executive was as high as Rs 7.70 crore.

According to a report by The Wall Street Journal, some employees asked why the executive team received high-performance reviews despite being responsible for the choices that led to layoffs.

One employee said, "why did the entire executive team get EE/GE ratings [short-hand for top-tier performance reviews at Meta] when they are also directly responsible for the choices that led to us needing to lay off 20+% of the company? Where is the accountability?"

The company's filing stated that the bonuses were based on individual performance calculations, with the target percentage being 75 per cent. The executive exceeded expectations well beyond the target and received bonuses in six figures.

Also read: 'Packed my life in 5 suitcases, moved to NYC to join Instagram': Meta employee after getting laid off

Here are bonuses handed out to executives, according to the company's SEC filing released last week, cited by Entrepreneur:

CFO Susan Li- $575,613 (Rs 4.71 crore)

CPO Christoper Cox $940,214 (Rs 7.70 crore)

COO Javier Olivan $786,552 (Rs 6.44 crore)

CTO Andrew Bosworth $714,588 (Rs 5.85 crore)

Strategy Officer (CSO) David Whener $712,284 (Rs 5.83 crore)

Former COO Sheryl Sandberg $298,385 (Rs 2.44 crore)

Zuckerberg allegedly defended the bonuses, stating that some of the executives had taken on expanded scopes and stepped into new roles. However, employees found his response "shallow" and "patronizing." The news has sparked outrage from employees and the public, with many questioning the accountability of the company's top executives.

Also read: ‘A hell of a ride’: Laid off Meta employee shares experience after Zuckerberg starts firing 10,000 employees

However, the company is not the only tech giant that gave out generous bonuses amid downsizing. Alphabet and Google CEO Sundar Pichai received nearly $226 million in 2022, with his total compensation for 2021 being $6,322,599. All five other top executives at Alphabet also received compensation in the millions for 2022, with an increase of at least nine million compared to the year before. In January, Google announced it would be laying off 12,000 employees and cutting back on office perks and programs to cut costs.

Watch: Union Minister Jyotiraditya Scindia to felicitate BT Best CEOs; catch Ajay Piramal, Nandan Nilekani, N Chandrasekaran, and other India Inc leaders at BT Mindrush