In a meeting on Monday to address the 'largest' round of layoffs in Google's history, CEO Sundar Pichai announced that top executives will be subjected to pay cuts as part of the company's cost-cutting measures.
“All roles above the senior vice president level will witness ‘very significant’ reduction in their annual bonus. For senior roles, the compensation is linked to company performance,” Pichai was quoted as saying by Business Insider.
There is, however, no clear information about how much the Indian-born executive will lose.
Meanwhile, Pichai's announcement to reduce executive salaries follows that of Apple's Tim Cook, who will take a 40 percent cut in compensation amid shareholder pressure. JPMorgan Chase also announced last week that it is eliminating the 'special award' component of CEO Jamie Dimon's salary.
Google's parent company Alphabet Inc has laid off 12,000 employees across teams. The announcement was made on January 20. Employees meanwhile posted on social media platforms about how the layoffs have been conducted poorly.
Many employees have put out on LinkedIn that they just woke up one morning to work as usual and found that their account has been deactivated, indicating that they have been laid off.
Pichai, took "full responsibility" for the decisions that resulted in the layoffs.
The company's leadership accepting "full responsibility" for extensive layoffs, on the other hand, is "little consolation," according to Alphabet Workers Union, for the 12,000 employees who are currently without jobs.
(Edited by : C H Unnikrishnan)
First Published: Jan 25, 2023 3:00 PM IST