Monday, January 30, 2023
Outlook.com
Outlook India
Outlook Business
+

Google CEO Sundar Pichai Announces Pay Cut For Senior Executives

The development came after Alphabet Inc, the parent of Google, announced mass layoffs of 12,000 employees or six per cent of its workforce, to combat economic hardships

Google CEO Sundar Pichai Announces Pay Cut For Senior Executives
Sundar Pichai, CEO of Google

Outlook Start-Up Desk

POSTED ON January 25, 2023 8:01 PM

Amid the global economic downturn, Google's chief executive officer, Sundar Pichai, announced a 'pay cut' for the company's senior-level executives. 

The development came after Alphabet Inc, the parent of Google, announced mass layoffs of 12,000 employees or six per cent of its workforce, to combat economic hardships. 

“All roles above the senior vice president level will witness a 'very significant’ reduction in their annual bonus. For senior roles, the compensation is linked to company performance,” Business Insider quoted Pichai. 

Along with other employees, Pichai will accept a pay cut for himself. However, the 50-year-old executive did not reveal the percentage or the amount of the cut. 

Addressing the layoffs, Pichai said it was inevitable to avoid much worse situations. He added that he consulted with the founders and other board members before deciding on the job cuts. 

The pay cut decision came after Tim Cook, chief executive officer (CEO) of Apple, announced that he would take 40 per cent lower compensation due to pressure from the shareholders. Last week, JPMorgan Chase also declared that they are abolishing the  'special award' category of the salary given to its CEO Jamie Dimon. 

The announcements of layoffs and pay cuts suggest that the global tech sector is continuing with the hardships after a difficult last year. According to a Mint report, nearly 1,50,000 employees lost jobs in the global tech space. Big tech players like Meta and Twitter trimmed their employee numbers to keep the businesses on the profitability track. 
 

  • Related Articles

    Founded in 2009, Thrive has invested in firms like Oscar Health Inc., Compass Inc., Affirm Holdings Inc., Opendoor Inc., Unity Software Inc., Him & Hers Health Inc. and SKIMS

    Mukesh Ambani To Acquire Stakes In Josh Kushner's Thrive Capital

    Force IX will offer more than 70 options across a trendy range of t-shirts, sweatshirts and caps on Myntra, targeted towards the thriving base of streetwear and casual wear consumers

    Myntra Launches Akshay Kumar’s Fashion Brand Force IX

    The development came one month after Deepinder Goyal, the founder and CEO, tweeted a comeback teaser of the initiative

    Zomato Re-Launches Zomato Gold