Google’s Sundar Pichai reportedly says annual executive bonuses will see ‘very significant’ cuts

Google’s Sundar Pichai reportedly says annual executive bonuses will see ‘very significant’ cuts

Chief executive Sundar Pichai has reportedly said that the annual bonuses of some top managers at tech giant Google will see “very significant” cuts.

Those at Google who hold titles at or above the senior vice president level are the ones taking those cuts, Business Insider reported Monday that Pichai told employees.

Google

Google CEO Sundar Pichai (REUTERS/Brandon Wade/Reuters Photos)

The comment came amid a general meeting on the recent Alphabet layoffs in response to a worker’s question about whether “taking full responsibility” would include executives “giving up bonuses and pay raises this year,” according to the outlet. .

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Compensation and company performance become increasingly linked as executive seniority increases, Pichai said Monday.

Google logo on campus building

A Google sign is displayed on the campus in Mountain View, California, Tuesday, September 24, 2019. (AP Photo/Jeff Chiu / AP News Room)

He said that “many SVPs and offices have performance-sharing units,” something that “can reduce your capital grants if performance isn’t great,” according to Business Insider. Those units “are also really tied to the performance of the company,” she said.

FOX Business has reached out to Google for comment.

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The layoffs that Pichai announced on Friday affected some 12,000 workers. “They span Alphabet, product areas, functions, tiers and regions,” he said at the time.

Google in California

The Google headquarters is seen in Mountain View, California, United States, on October 28, 2021. (Photo by Tayfun Coskun/Anadolu Agency via Getty Images) (Tayfun Coskun/Anadolu Agency via Getty Images/Getty Images)

Alphabet’s total workforce at the end of the third quarter stood at more than 186,700, the company said in October.

“Over the past two years we have seen periods of dramatic growth. To match and fuel that growth, we contracted for a different economic reality than the one we face today,” Pichai wrote on Friday.

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In October, Alphabet reported $69.09 billion in third-quarter revenue, up 6% from the $65.12 billion reported in the same period last year, but less than the roughly $70.6 billion expected by retailers. analysts. It said earnings per share came in at $1.06, which was also lower than estimates.

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Meta Platforms, the parent of Facebook, Microsoft, Amazon, Lyft and Salesforce, are among the other technology companies that have revealed in recent months or weeks that they had plans to reduce their workforce.

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