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LinkedIn Corp, on Wednesday, said that the 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. LinkedIn's stock had dropped nearly 38 percent since its results on Feb. 4.
As we know that, LinkedIn is a business-oriented social networking service, founded in December 2002 and launched on May 5, 2003, it is mainly used for professional networking. As of 2015, most of the site's revenue comes from selling access to information about its users to recruiters and sales professionals.
"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 spokesperson said in an emailed statement to Reuters. LinkedIn did not confirm the value of the stock package but technology website Recode reported it was worth about $14 million, citing a source familiar with the matter.
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Earlier, Weiner had received stock awards worth $10.2 million and option awards worth $3.2 million for the year ended Dec. 31, 2014. LinkedIn also said it will phase out a new online advertising product that hasn't worked out as planned, which will cause it to forego roughly $50 million (roughly Rs. 338 crores) in near-term revenue. LinkedIn reported a loss of $8.4 million (roughly Rs. 56.8 crores), compared with a $3 million (roughly Rs. 20 crores) profit a year earlier.
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