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Google CEO Sundar Pichai is likely to announce big pay cuts for top executives.In a recent town hall meeting with Google employees, the CEO It is said Announces significant reduction in annual bonuses for all positions above the Senior Vice President level. For senior roles, pay is tied to company performance, he said. However, Pichai reportedly did not mention the percentage and duration of the pay cut.
The pay cut announcement comes weeks after Google announced it was laying off 12,000 workers. The action was taken to reduce operating costs amid fears of a global recession. In a letter to employees, he said that as a company established nearly 25 years ago, Google is bound to experience difficult economic cycles. According to ET, Google’s layoffs have already begun in the United States and will be carried out in other markets in the coming weeks, possibly including India. It’s a tough time for the company, as the layoffs come amid tough macroeconomic conditions.
At a meeting last week to address the layoffs, Pichai admitted he had miscalculated the lackluster growth after the company’s mass hiring. Pichai explained that if Google continues to grow as expected by the end of 2021, the hiring push will allow the company to continue to be successful in its field, rather than being forced to lag in many areas as reported.
Pichai’s stellar performance as CEO has seen his salary increase recently. Pichai’s annual salary is $2 million, according to a 2020 filing. According to IIFL’s 2022 Hurun India Rich List, the Google CEO’s net worth fell by 20% to INR 53 billion.
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