LinkedIn Corp.
Chief Executive Jeff Weiner will forgo his annual equity package, valued at about $14 million, so the stock can be distributed to other employees.
The shares will be “awarded to employees over the next several weeks as part of our annual review process,” a LinkedIn spokeswoman said Wednesday.
The gesture comes about a month after LinkedIn delivered a disappointing 2016 forecast, triggering a massive decline in its shares and a cascade of analyst downgrades.
So far this year, LinkedIn shares are down 47%, while the S&P 500 index is down 2.8%.
The spokeswoman said Mr. Weiner first raised the idea of redistributing his stock.
The CEO had addressed the stock reaction in a company meeting shortly after the weak forecast, which LinkedIn posted online.
Chief Executive Jeff Weiner will forgo his annual equity package, valued at about $14 million, so the stock can be distributed to other employees.
The shares will be “awarded to employees over the next several weeks as part of our annual review process,” a LinkedIn spokeswoman said Wednesday.
The gesture comes about a month after LinkedIn delivered a disappointing 2016 forecast, triggering a massive decline in its shares and a cascade of analyst downgrades.
So far this year, LinkedIn shares are down 47%, while the S&P 500 index is down 2.8%.
The spokeswoman said Mr. Weiner first raised the idea of redistributing his stock.
The CEO had addressed the stock reaction in a company meeting shortly after the weak forecast, which LinkedIn posted online.
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