If reports are to be believed, after laying off around 12000 employees and in the wake of a tough macroeconomic situation, Google’s CEO Sundar Pichai may take a massive pay cut in his salary.
Addressing the employees of Google in a town hall meeting, Pichai stated that the annual bonus of all roles above the “senior vice president” level will face a significant reduction.
“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 stated during the town hall, according to reports.
While the Google CEO did not clarify whether he will take a salary cut, as per what he said it appears that there is a high chance that he may take a massive salary cut himself.
Pichai also did not specify the percentage of salary cut which will happen and for how long will it remain so. A few weeks before the layoffs, Pichai had received a major salary hike.
At that time, Pichai was recognised by Google’s parent company Alphabet for his “strong performance” as CEO. Pichai, who received an equity award every three years, was awarded two tranches of PSUs, each with a target value of $63 million and was also gifted Alphabet’s restricted stock units worth $84 million.
As per a filing from 2020, the annual salary of Pichai was disclosed by Google to be $2 million. IIFL Hurun India Rich List 2022, had stated that there was a decline in the total net worth of the Google CEO by 20 per cent, which currently stands at INR 5,300 crore.
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Around 12,000 employees were sacked by Pichai on January 20 to reduce operation costs as fears of a massive global recession loomed.
In the letter addressed to the employees, Pichai said that Google, which is now almost 25 years old, is very likely to go through difficult economic times.
“These are important moments to sharpen our focus, re-engineer our cost base, and direct our talent and capital to our highest priorities,” he stated.
(With inputs from agencies)
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