Meta CEO Mark Zuckerberg defends top executives’ performance after layoffs
“I think it’s kind of hard to put … the company’s performance on people who weren’t necessarily in those roles before,” Zuckerberg said, adding that when people take on new roles it’s important to “recognize” their achievements.
“I think they’re doing pretty well,” Zuckerberg added.
Zuckerberg responded to a question from employees about how executive compensation was affected by the company’s recent weak financial performance and whether senior executives would be held accountable. Meta employees’ bonuses are affected by a mix of individual performance ratings and company ratings, which were lower in the last cycle, according to people familiar with the matter who spoke on condition of anonymity to discuss sensitive internal matters.
Zuckerberg said top executives go through the same performance system that ranking employees experience.
Meta declined to comment.
Among the executives who have been elevated over the past year are Susan Li, who became CFO and Javier Olivan who took over the role of CEO, replacing Sheryl Sandberg.
On Wednesday, Meta laid off about 4,000 workers, mostly concentrated in the company’s technical team, Zuckerberg said. The restructuring is part of a months-long downsizing that will cut 10,000 jobs in total. The latest layoffs add to the 11,000 jobs Meta cut in November.
“Those were my decisions,” Zuckerberg said. “I just want to make it clear that I take responsibility.”
The company is facing increasing competition for ad dollars and users from short-form video network TikTok. New privacy rules passed by Apple hurt Meta’s ability to offer targeted advertising. Meanwhile, some digital advertisers have reduced their spending amid rising inflation and slowing demand in the e-commerce market.
Zuckerberg has said the company grew too quickly during the pandemic, which led to the cuts. At the town hall on Thursday, he said that the company will only grow around one percent to two percent a year going forward.
He also said that the company removed about 20 percent of the managers in the technology departments on Wednesday.
Meta’s workforce has been anxious about the cuts, and many have questioned the management and direction of the company in recent months, The Post previously reported. Some of those remaining are now looking for new jobs, they say, while others are worried about an uncertain future.
Meta will report quarterly results next week.
