(Reuters) - LinkedIn Corp 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.
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 38 percent since its results on Feb. 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. (on.recode.net/1TRvuG6)
Weiner had received stock awards worth $10.2 million and option awards worth $3.2 million for the year ended Dec. 31, 2014.
Reporting by Abhirup Roy in Bengaluru; Editing by Alden Bentley