Google CEO Sundar Pichai may take a pay cut, executive bonuses to be cut – Times of India

Google recently announced the largest-ever layoffs in the company’s 25-year history. The company is cutting 12,000 jobs, or roughly 6% of its full-time workforce. Days after the announcement, Google executives including CEO Sundar Pichai defended the job cuts during a companywide town hall. Pichai said that he consulted with the founders and controlling shareholders, Sergey Brin and Larry Page, as well as the board of directors about the layoffs.
During the address Pichai indicated there would be executive compensation cuts. However, he provided limited details. He said that all senior vice presidents “will see a very significant reduction in their annual bonus” this year. “The more senior you are, the more your compensation is tied to performance,” he said. “You can reduce your equity grants if performance is not great,” he added. Though there is no official confirmation, it is quite clear that Pichai too will be taking a salary cut along with all other top executives.
Before the job cuts, Google had made the decision to pay out 80% of bonuses in January with the rest expected in March or April. In previous years, the full bonus was paid in January.

Google’s chief people officer on the job cuts
According to Google’s chief people officer, Fiona Cicconi, around 750 senior leaders across Google were involved in the process. She added that it took a few weeks to determine who would be laid off. “We have over 30,000 managers at Google and to consult with all of them would have made this an open process where it would have taken additional weeks or even months to come to a decision,” said Cicconi at the meeting. “We wanted to get certainty sooner.”
Regarding the criteria for cuts, Cicconi said that execs looked at areas where the work was necessary. She added that the company considered “skill set, time in role where experience or relationships are relevant and matter, productivity indicators like sales quotas and performance history.”
Also Watch: