Highest-paid person in UK: Google should lay off an additional 28,000 employees after recent cuts.
In a letter, Hohn expressed his belief that the decision to cut 12,000 jobs is a step in the right direction, but not enough, and that management needs to take further action to address the strong headcount growth of 2022, showing concern for the affected workers. In his memorandum, Hohn suggests further reducing the staff by 14%, bringing the total headcount reduction to 20%, which would result in 28,000 additional workers losing their jobs, in addition to the 12,000 already cut.
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- Published Date: 03:29 | 25 January 2023
- Modified Date: 03:35 | 25 January 2023
A British hedge fund manager who was knighted by the late Queen Elizabeth II, has stated in a letter addressed to Alphabet CEO Sundar Pichai that Google and its parent company should lay off more employees after cutting over 12,000 jobs.
Sir Christopher Hohn also expressed his thoughts about the employee headcount and pay of the company in the letter.
Hohn, worth $7.48 billion, as reported by Fortune Magazine, paid himself nearly $2 million a day in 2022, making him the highest-paid person in Great Britain's history and the 302nd-richest person in the world.
His fund, TCI Fund, has been a shareholder of Alphabet (Google's parent company) since 2017 and owns $6 billion in shares.
In a letter, Hohn expressed his belief that the decision to cut 12,000 jobs is a step in the right direction, but not enough, and that management needs to take further action to address the strong headcount growth of 2022, showing concern for the affected workers.
In his memorandum, Hohn suggests further reducing the staff by 14%, bringing the total headcount reduction to 20%, which would result in 28,000 additional workers losing their jobs, in addition to the 12,000 already cut.
He also suggests addressing excessive employee compensation, stating that competition for talent in the technology industry has fallen significantly and emphasizing the importance of "human capital."