New York: Google’s parent company Alphabet Inc eliminated 12,000 jobs or 6 per cent of its workforce. Hedge fund billionaire Christopher Hohn wrote a letter to Google and Alphabet CEO Sundar Pichai advising him to “cut thousand more jobs”.
In a viral letter, dated January 20 the billionaire said that Google’s 12,000 layoff is a step in the right direction, but it does not reverse the very strong headcount growth of 2022. “Ultimately management will need to go further”.
The founder of The Children’s Investment Fund Management (TCI) holds a $6 billion stake in Google-parent company Alphabet, The Telegraph reported.
Last year, Sir Chris who paid himself a record Euro 1.5m a day in 2022 added that Alphabet had doubled its headcount in the last five years and he advised that the management should aim to “reduce headcount to 150,000, which is in line with Alphabet’s headcount at the end of 2021. This would require a total headcount reduction in the order of 20 per cent.”
He also said that Google should “address excessive employee compensation”. He further warned that the company should moderate stock-based payments.
Last year, Sir Chris who paid himself a record Euro 1.5m a day in 2022 added that Alphabet had doubled its headcount in the last five years and he advised that the management should aim to “reduce headcount to 150,000, which is in line with Alphabet’s headcount at the end of 2021. This would require a total headcount reduction in the order of 20 per cent.”
He also said that Google should “address excessive employee compensation”. He further warned that the company should moderate stock-based payments.
