It may only be early March, but at LinkedIn, Christmas has come nine months early.
And playing the role of Santa: LinkedIn Chief Executive Jeff Weiner.
Weiner was in line for a stock-compensation package worth $14 million for this year, according to sources cited by the Recode tech blog. But, in a LinkedIn filing with the Securities and Exchange Commission, there was no mention of a compensation package for Weiner, who received $13 million in stock in 2015.
So, what happened to Weiner’s stock package for this year? He’s giving it to LinkedIn employees.
Recode said a LinkedIn spokesperson confirmed that Weiner had asked the company’s compensation committee to take his stock package and “put it back in the pool for employees.”
To put the size of Weiner’s stock gift to LinkedIn’s employees in perspective: The $14 million amount is about $2.6 million more than the $11.4 million that Golden State Warriors All-Universe guard Stephen Curry will make this year. Even though it’s pretty safe to say that Curry has had a way better year than Weiner.
Giving all that stock back to the LinkedIn rank-and-file might just be a good PR move for Weiner, especially after LinkedIn’s shares fell by about 44 percent following the company’s disappointing quarterly results and forecast in early February. In one day, that erased $10 billion in LinkedIn’s market value.
Since the Big Drop, or whatever you might want to call it, LinkedIn’s stock price has risen 8.6 percent, to get back to just under $118 a share on Thursday. Merry Christmas, LinkedInners…
Photo: LinkedIn CEO Jeff Weiner. (AP/Marcio Jose Sanchez, File)