Wednesday 7 December 2016

LinkedIn CEO passes 2016 stock package to employees

Published 03/03/2016 | 08:55

A woman walks into LinkedIn Corp. company headquarters in Mountain View, California, U.S., on Thursday, Jan. 27, 2011. LinkedIn Corp., the largest networking website for professionals, said it plans to raise as much as $175 million in an initial public offering. Photographer: David Paul Morris/Bloomberg
A woman walks into LinkedIn Corp. company headquarters in Mountain View, California, U.S., on Thursday, Jan. 27, 2011. LinkedIn Corp., the largest networking website for professionals, said it plans to raise as much as $175 million in an initial public offering. Photographer: David Paul Morris/Bloomberg

LinkedIn said on Wednesday 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.

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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 $119.6, LinkedIn's stock had dropped nearly 38pc since its results on February 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 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.

Weiner had received stock awards worth $10.2 million and option awards worth $3.2m for the year ended December 31, 2014.

Reuters

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