One of America’s highest-paid CEOs is Google CEO Sundar Pichai. His corporation authorized a $70 billion stock repurchase last week.
Due to slowed revenue growth, Google parent Alphabet has slashed 12,000 workers and trimmed costs.
Google employees are furious about that. Since Pichai’s annual compensation was made public, internal Google platforms have filled with conversations and memes criticizing the CEO for taking a pay bump while cutting costs. Employees also questioned the share repurchase, which matched 2022’s.
SEC filings indicated Pichai received $226 million last year, largely from a $218 million stock award he receives every three years. In 2019, he won $276.6 million and $280.6 million in total remuneration.
His 2022 package included roughly $6 million for personal protection and $2 million base salary. Pichai received a $2 million salary and $4.3 million in additional remuneration in 2021.
Memes compared Pichai to Apple CEO Tim Cook, who in January accepted a 40% decrease from his 2022 goal total remuneration. After Zoom cut 1,300 jobs, CEO Eric Yuan said he would cut his salary by 98% and forgo his bonus. After a 17% workforce reduction, Twilio CEO Jeff Lawson announced a pay cut.
CNBC found over a dozen staff memes on Google’s internal discussion forums, many with hundreds of likes. One meme with over 1,200 likes referenced finance director Ruth Porat’s rare companywide memo last month announcing “multi-year” personnel service cuts. CNBC found laptops, costs, fitness courses, and cafe goods eliminated.
“Ruth’s cost savings applied to everyone… except our hardworking VPS and CEO,” the joke claimed.
This story was uncommented by Google.
Pichai has been criticized for recent decisions before. PIchai claimed “full responsibility” for the companywide layoffs in January.
Employees asked Pichai why CEOs were getting pay cuts if he was taking responsibility at an all-hands gathering. Pichai said senior vice presidents are taking “significant reductions to their bonuses” and that he was forgoing his bonus.
“Sundar accepting $226 million while laying off 12k Googlers, cutting perks, and destroying morale and culture” was a famous joke featuring Lord Farquaad from Shrek. “Some of you may die, but that is a sacrifice I am willing to make,” the character said.
Lord Farquaad of Duloc banishes many fairytale creatures to the swamp in the 2001 computer-animated fantasy.
“We shouldn’t always equate fun with money,” Pichai declared at a companywide meeting late last year, sparking controversy. He responded to company incentives but avoided employee inquiries regarding CEO compensation.
Google’s intention to repurchase $70 billion in stock shows it has ample cash for operations and investments, which is frustrating. The meme “$70 billion in buybacks shows we respect external shareholders more than Googlers” was liked over 700 times.
