Meta CEO Mark Zuckerberg defends top executives’ performance after layoffs

On Thursday, Meta CEO Mark Zuckerberg defended the job performance of top executives at the social media company, a day after laying off some 4,000 workers.

Zuckerberg told employees at a company-wide meeting that while Facebook’s parent company generally met “most” of its expectations last year, many senior executives also assumed new and expanded roles, according to a recording of the call obtained by The Washington Post.

“I think it’s a bit difficult to attribute company performance to 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 performance.

“I think they’re doing pretty well,” Zuckerberg added.

Zuckerberg was responding to a question from employees about how executive compensation was affected by the company’s recent crisis. sluggish financial performance and whether senior leaders would be held accountable. Meta employee bonuses are affected by a mix of individual performance ratings and corporate ratings, which were lower during the most recent cycle, according to people familiar with the matter who spoke on condition of anonymity to discuss sensitive internal issues.

Zuckerberg said senior managers follow the same performance system as rank and file employees.

Meta begins a new series of job cuts among highly qualified personnel

Meta declined to comment.

Among the executives who have been promoted in the past year are Susan Li, who became chief financial officer and Javier Olivan who assumed the role of chief operating officer, replace Sheryl Sandberg.

Wednesday, Meta fired about 4,000 workers mostly concentrated in the company’s technical teams, Zuckerberg said. The restructuring is part of a months-long downsizing campaign that will cut a total of 10,000 jobs. Latest layoffs add to 11,000 Meta jobs cut in November.

“Those are my decisions,” Zuckerberg said. “I just want to make it clear that I take responsibility.”

The company is faced increased competition for advertising dollars and users of the abbreviated TikTok video network. New confidentiality rules adopted by Apple has impaired Meta’s ability to deliver targeted advertising. Meanwhile, some digital advertisers have cut spending amid rising inflation and slowing demand in the e-commerce market.

Zuckerberg said the business grew too quickly during the pandemic, which prompted the cuts. At City Hall on Thursday, he said that going forward, the business could only grow about 1-2% a year.

He also said the company laid off about 20% of technology division heads on Wednesday.

The Meta workforce is worried about the cuts, and many have questioned the management and management of the company over the past few months, The Post previously reported. Some of those who remain are now looking for new jobs, they say, while others worry about an uncertain future.

Meta will release its quarterly results next week.

Leave a Comment