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These consequences-free "I take responsibility" among C-suits is becoming too common. if he really felt responsible for screwing up as CEO, he should be splitti
by sytelus 4y ago
These consequences-free "I take responsibility" among C-suits is becoming too common. if he really felt responsible for screwing up as CEO, he should be splitting the millions he had received in compensation with people who are laid off. Show some action instead of just making appearances.
- concordDance 4y agoThey're already getting three months severance.
- sytelus 4y agoIn this market 3 month severance is not much. Much of the value of these big tech jobs is in unvested stocks that these people will lose entirely (i.e. rewards for most of the work they did during almost half decade) while CEO who screwed up in overhiring walks away with golden parachutes and full vesting. Every big and small tech has now hiring freeze. Many of these people moved to expensive SF area with their entire family.
- rowanG077 4y agoIt's been like this forever. High ranks (be it politically or in business) have little to no real responsibility/accountability.
- ergocoder 4y agoIt's because the employment contract specifies it that way. If the employment contract says "If you fail, you will need to return all of your compensations", then nobody would agree to work for you. Now they agree to work for you under the assumption that they will not return what they've earned... then we want to reverse that retrospectively. The contract was signed years ago, but well we are going to change it now. Please return every penny we paid you. That's kinda fucked up to be honest.
- rowanG077 4y agoYou are right. But the problem is not that they don't have responsibility. The problem is they often claim to be paid so highly because of the responsibility.
- deleted 4y ago[deleted]
- ergocoder 4y agoI hope this doesn't become the norm of employment agreement. I don't want to return money when I fail at my job. It could easily bankrupt me. Imagine if you are fired and have to return all the salaries and stock you've ever earned.
- Godel_unicode 4y agoThere are employment agreements doing this already, just time-boxed with signing bonuses and RSUs.
- ergocoder 4y agoYeah, in a more limited manner. Are you arguing that it should be the norm and apply to years of employment? Like if you are fired, you have to return the compensation for the last 4 years?
- Godel_unicode 4y agoHow did you get there from what I wrote…?
- ergocoder 4y agoWe are discussing about whether we should crawl money back. I am against it. Then, you showed up and said that crawling back money was already done widely. I responded that it was done limitedly. Maybe I assume your position, but you didn't make your position clear either...
- sytelus 4y agoC-Suits are different than ground workers. They get golden parachutes, you don't. They get full vesting at firing, you don't. C-suits get paid for company performance, while you get paid for the task done. Ton of C-Suits simply get paid for growing fast (aka hypergrowth aka overhiring). They pose this as performance and take home millions. These millions should be returned when they admit that the growth they claimed was simply overhiring.
- daniel-thompson 4y agoExactly. Absent any consequences that affect him to the same degree that losing their jobs affects the laid off employees, this is just a meaningless attempt at virtue signalling.
- mjfl 4y agoif it became normal to sue for this type of money, then they would simply stop saying sorry.
- canadianfella 4y ago
- digianarchist 4y agoJack actually rolled his shares into the Musk deal. [0] [0] - https://www.ft.com/content/f65414c4-f3e4-4bff-9af0-4960f922ce1d https://www.ft.com/content/f65414c4-f3e4-4bff-9af0-4960f922c...
- seydor 4y agoCEOs are the new politicians