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Christopher Hohn also told Sundar Pichai that he must address excessive employee compensation. https://www.ndtv.com/world-news/ ... cuts-needed-3717599 ------------------------------------------------------------------------- - Google started laying off 12,000 employees last week. - At an all-hands meeting Monday, Pichai said executive bonuses would be cut. - He added that executive compensation was tied to company performance. [Google](https://www.businessinsider.com/ ... vestors-tech-2023-1) executives will be taking a major reduction in bonuses after the company [started mass layoffs](https://www.businessinsider.com/ ... undar-pichai-2023-1), CEO [Sundar Pichai](https://www.businessinsider.com/ ... ai-in-photos-2017-1) told employees Monday during a tense all-hands meeting. The company hired rapidly in recent years and has now [had to reverse](https://www.businessinsider.com/ ... ech-jobs-cut-2023-1) some of that in the middle of an economic downturn. Pichai has said he takes full responsibility for the strategic error. One question a Googler submitted for the town hall was: "What does taking full responsibility entail? Responsibility without consequence seems like an empty platitude. Is leadership foregoing bonuses and pay raises this year? Will anyone be stepping down?" Pichai said that all senior vice presidents and above would take a "very significant reduction in their annual bonus." He added that the more senior leaders were, the more compensation was "tied directly to company performance." "Many SVPs and offices have performance-share units, which can reduce your equity grants if performance is not great and are really tied to company performance as well," Pichai said on the call. Pichai acknowledged that 2021 was one of the strongest years Google had but that growth slowed last quarter. https://www.businessinsider.com/ ... r-pichai-ceo-2023-1 |
