Meta has approved a plan to increase executive bonuses to 200% just days after laying off five percent of its workforce.
In a report filed with the United States Securities and Exchange Commission, the company’s board of directors approved an increase in the target bonus percentage for its annual executive bonus plan, which was approved by the Compensation, Nominating, and Governance Committee (CNGC) of the Board of Directors.
The report, signed by Katherine R. Kelly, Vice President and Corporate Secretary at Meta, disclosed that Meta Platforms, Inc. (the “Company”) maintains a Bonus Plan that provides variable cash incentives, payable annually, which are designed to motivate its executive officers to focus on company priorities and to reward them for company results and achievements.