Meta executives are standing to get bigger bonuses this year.
The company said in its corporate application on Thursday it approved an “increase in target bonus rate” for its annual bonus plans for managers. According to the submission, Meta’s appointed executive officers were able to earn a 200% bonus on their base salary based on the new plan.
The updated bonus plan does not apply to Meta CEO Mark Zuckerberg.
Meta’s board of directors approved the change on February 13 after determining that the executive’s “target total cash compensation” was “less than the 15th percentile of the target total cash compensation for executives in similar positions.” did. .
“After this increase, target total cash compensation for appointed executive officers (non-CEOs) will be classified into the approximately 50th percentile of target cash compensation for peer groups,” Filing said.
The disclosure of the new executive bonus plan comes a week after Meta began firing 5% of the entire workforce. The company previously said this would affect the worst performers.
According to a report released Thursday by the Financial Times, Meta also reduced annual stock options distributions to thousands of employees by about 10%. The report noted that stock options reductions could vary based on where workers live and company status.
META stocks have risen more than 47% over the past year, closing at $694.84 on Thursday, increasing sales of social media companies in the digital advertising market and ultimately artificial intelligence investments will ultimately generate large returns It highlights investors’ enthusiasm for possibilities.
The company said in January that fourth quarter revenues rose 21% year-on-year to $483.9 billion.
Meta did not reply to requests for comment.
