Meta has approved a plan that will allow executives to earn a bonus of up to 200% of their base wage. The move comes in the same month that it plans to cut its employees below about 4,000 employees. METACEO Mark Zuckerberg said the company said. It targets low-performing employees.
According to an SEC filing filed Thursday, META has approved a plan that can offer corporate executives a bonus of up to 200% of their base salary.
The company submitted that the bonus plan “provides a “variable cash incentive” designed to motivate executives to focus on the company’s priorities and reward the company’s results and outcomes.” He said.
The plan will allow the bonus package to increase from 75% of the base salary to 200%, the company said.
The bonus boost does not apply to Meta CEO Mark Zuckerberg. This is not an unusual practice as CEO compensation consists of different ways and allows for more emphasis on stock options.
Meta spokesman did not immediately respond to requests for comment.
In the filing, the company wrote it. The Compensation Nomination and Governance Committee approved the changes after analysing market data on executive compensation. They determined that the target total cash compensation for executives was “under the 15th percentile of the target total cash compensation for executives who hold similar positions.”
According to submissions, new targets place rewards at the 50th percentile.
The approval comes amid another employment cut in this month’s meta. The company said it aims to eliminate about 5% of its employees. This amounts to nearly 4,000 employees.
Zuckerberg said Cut is intended to target “low performance” as companies streamline their operations in “a fierce year” and invest heavily in artificial intelligence.
However, some previously let go of workers have been recently given a “more than expected” rating in the 2024 meta mid-term review, and they have been given a “more than expected” rating recently, so they have been given a “more than expected” rating. He told Business Insider that he was caught off guard by the move.
“When I received the email, I was mostly surprised because I had a very solid performance history and had no metrics for performance issues over the past six months,” said one person affected by the layoffs. The workers said.
“Just because someone meets or has history beyond expectations doesn’t mean they’re consistently meeting bars,” a Meta spokesman told BI previously in an email. Ta. “Meta employees are always responsible for a high-performance, goal-based culture.”
