LinkedIn CEO Jeff Weiner would like to add millions to the coffers of employees in his professional network. Combing through some filings, Re/code discovered a generous move on Weiner's part, which the company confirmed yesterday. “Jeff did not receive an equity package this year at his request,” a spokesperson said. “He asked the Compensation Committee to take the stock package he would have received and put it back in the pool for employees.” Re/code's sources put the package's approximate worth at $14 million.
To what might those workers owe Weiner's generosity? Is the executive seeking LinkedIn endorsements?
Well, be it known that LinkedIn's CEO already possesses 105,924 shares of stock, translating to $12.7 million, and that's on top of 480,000 shares of vested stock, or about $57.5 million.
And Business Insider isn't alone in speculating that the move to part with what is basically his $14 million bonus is a play for employee morale.
Last month Re/code described a "nose dive" in LinkedIn stock, a 43 percent drop following earnings reports that, though in line with estimates, came with weak guidance for next year that bucked analysts' expectations. Website Seeking Alpha points out that the company's stock was downgraded by ten analysts on the day of the fateful fall.
In covering Weiner's move, some have invoked Twitter and Square CEO Jack Dorsey's move to give back $200 million in Twitter stock to employees last October. You know, it is kind of like that! And as any LinkedIn user ought to know, your professional network is your net worth. Naturally, the LinkedIn CEO would like to keep his happy.