LinkedIn CEO transfers 2016 stock bonus to employees
LINKEDIN Corp said on Wednesday that chief executive Jeff Weiner will decline his 2016 annual stock compensation, in order to pass it on to his employees at the professional social network.
The move follows LinkedIn's disappointing first-quarter revenue and profit forecast that missed Wall Street estimates last month as growth slows in the company's ads business and its hiring services face pressure outside North America.
Up to Wednesday's close of US$119.6, LinkedIn's stock had dropped nearly 38 per cent since its results on Feb 4.
"Jeff decided to ask the Compensation Committee to forego his annual equity grant and to instead put those shares back in the pool for LinkedIn employees," a LinkedIn spokesman said in an e-mailed statement to Reuters.
LinkedIn did not confirm the value of the stock package but tech website Recode reported it was worth about US$14 million (S$19.5 million), citing a source familiar with the matter.
Mr Weiner had received stock awards worth US$10.2 million and option awards worth US$3.2 million for the year ended Dec 31, 2014.