The company’s stock has plummeted in recent months.
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It’s not every day that a CEO of a prominent global company forfeits a bonus check to give it directly to employees. But that’s what Jeff Weiner, the CEO of LinkedIn, did after a steep drop in the company’s stock last month.
Mashable reports that Weiner gave up his annual $14 million stock bonus to benefit employees suffering from the company’s decreasing value.
“Jeff decided to ask the Compensation Committee to forgo his annual equity grant, and to instead put those shares back in the pool for LinkedIn employees,” Joe Roualdes, a spokesman for LinkedIn, told Money.
Last month, LinkedIn published a discouraging quarterly earnings report, which caused investors to back away and effectively cut the company’s market value in half in a single day. It certainly cut company morale as well, with current and potential employees uncertain of their prospects at LinkedIn. Weiner, fully aware of his employees’ faltering confidence, tried to boost their spirits with a big motivational pep talk, assuring them that “we are the same company we were the day before our earnings announcement.”
The announcement follows a similar crisis experienced by Twitter in October, when CEO Jack Dorsey gave a third of his stake in the company back to his employees after the tech platform’s stock plunged.