Meta CEO Mark Zuckerberg appeared at the Meta Connectivity Event in Menlo Park, California on September 25th, 2024.
David Paul Morris | Bloomberg | Getty Images
And executives Meta I’m standing to get bigger bonuses this year.
The company said in its corporate application on Thursday it approved a “increase in target bonus rate” for its annual bonus plan 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 committee decided that the “target total cash compensation” of executives is below the 15th percentile of target total cash compensation for executives who hold similar positions, and then changed to February 13th. I’ve approved. .
“After this increase, target total cash compensation for appointed executive officers (non-CEOs) will fall to the approximately 50th percentile of the target cash compensation for the peer group,” the 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 reducing inventory options may differ depending on where workers live and the company’s position.
META stocks have risen more than 47% over the past year, closing at $694.84 on Thursday, with investments on increasing sales of social media companies in the digital advertising market and the likelihood that AI investments could ultimately generate large returns It emphasizes the enthusiasm of the house.
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.
See: What is Meta stock running?
