Google CEO Sundar Pichai speaks at a panel on the CEO Summit of the Americas hosted by the U.S. Chamber of Commerce on June 09, 2022 in Los Angeles, California. The CEO Summit entered its second day of occasions with a proper signing for the “International Coalition to Connect Marine Protected Areas” and a speech from U.S. President Joe Biden. (Photo by Anna Moneymaker/Getty Images)
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Google CEO Sundar Pichai obtained a hefty pay increase final yr, making him one of many highest-paid CEOs in America. Last week, his firm introduced the authorization of a $70 billion inventory buyback.
Meanwhile, Google father or mother Alphabet has been aggressively reducing prices, together with the elimination of 12,000 jobs, in response to slowing income development.
That confluence of occasions has raised the ire of Google’s workforce. In the weeks since Pichai’s annual compensation was made public, inner Google platforms have stuffed with conversations and memes slamming the CEO for taking a pay bump whereas slashing prices elsewhere. Some staff additionally criticized the share repurchase, which equaled its 2022 buyback.
SEC filings confirmed Pichai was paid a complete of $226 million final yr, principally by way of $218 million in inventory awards. His bundle included practically $6 million for private safety and a $2 million base wage. In 2021, Pichai obtained a complete of $6.3 million, consisting of a $2 million wage and $4.3 million in different compensation, however no inventory awards.
Memes started circulating evaluating Pichai to Apple CEO Tim Cook, who in January obtained over a 40% reduce from his 2022 goal complete compensation. Around the identical time, Zoom CEO Eric Yuan stated he would scale back his wage by 98% and decline his bonus after the corporate reduce 1,300 jobs. Twilio CEO Jeff Lawson stated he’d even be taking a pay reduce amid a 17% workforce discount.
More than a dozen memes from staff have stuffed Google’s inner dialogue boards, many with a number of hundred likes, in response to posts seen by CNBC. One meme with greater than 1,200 likes referred to feedback from finance chief Ruth Porat, who wrote final month in a uncommon companywide electronic mail that the corporate is making “multi-year” cuts to worker providers. CNBC discovered cuts ranged from worker laptops and bills to health courses and cafe objects.
“Ruth’s cost savings applied to everyone… except our hardworking VPS and CEO,” the meme stated.
Google did not instantly reply to a request for remark.
It’s not the primary time Pichai has been below fireplace for his current determination making. In January, PIchai stated he took “full responsibility” for circumstances that led to the companywide layoffs.
At an all-hands assembly, staff requested Pichai why executives are getting pay cuts if he is taking duty. Pichai responded by saying that senior vice presidents are taking “significant reductions to their bonuses” and that he was forgoing his bonus.
Another well-liked meme confirmed a picture of Shrek character Lord Farquaad with the textual content “Sundar accepting $226 million while laying off 12k Googlers, cutting perks, and destroying morale and culture.” A quote from the character learn, “some of you may die, but that is a sacrifice I am willing to make.”
In the computer-animated fantasy from 2001, Lord Farquaad is the ruler of Duloc who exiles many fairytale creatures to the swamp.
The matter of Pichai and cash has been a controversial one relationship again to late final yr, when the CEO stated at a companywide assembly that “we shouldn’t always equate fun with money.” At the time, he was responding to sure perks the corporate was eliminating, however he dodged worker questions on reducing govt compensation.
Some of the frustration is being directed at Google’s plan to repurchase $70 billion in inventory, an indication the corporate has greater than sufficient money to cowl its operations and investments. A current meme that was preferred greater than 700 occasions learn, “$70 billion in buybacks shows we respect external shareholders more than Googlers.”
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Source: www.cnbc.com”