The head of this beleaguered social media company passes on riches in effort to raise employee morale.
LinkedIn employees just got an unexpected bonus from the head of the company – and it ends in six zeros.
LinkedIn CEO Jeff Weiner forfeited his annual stock bonus – which amounted to $14 million this go-around – and directed that it go to his employees instead, Re/code reports.
“Jeff did not receive an equity package this year at his request,” spokesperson Hani Durzy told Re/code. “He asked the Compensation Committee to take the stock package he would have received and put it back in the pool for employees.”
The bonus is likely an effort to boost employee morale after the company’s stock prices tanked by more than 43 percent in one day last month after a lackluster earnings call. This is the first time Weiner has opted to give up shares in the company.
Although it seems like an incredibly generous action, Money has this reminder about Weiner’s gift:
[Weiner] isn’t feeling the same financial pinch as other LinkedIn employees. He owns about $12.7 million in company stock, with another $57.5 million in vested options that he can buy for about 2 percent of LinkedIn’s current stock price.
Another tech company made a similar move last October. Following a round of layoffs, Twitter CEO Jack Dorsey decided to donate one-third of his ownership stake (about 1 percent of the company) – worth about $200 million – back to his workers.
LinkedIn has more than 9,200 employees in 30 cities around the world, according to the company website.
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