TCI Fund run by billionaire John Hohn also wants ad biz to slash salaries
He described the recent decision to chop thousands as a"step in the right direction" yet claimed it did not reverse the personnel numbers grown in 2022."Ultimately, management will need to go further," said Hohn.
"I believe management should aim to reduce headcount to around 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 percent," he added. At the same time, Google should address another bugbear of his:"excessive employee compensation." In November, TCI claimed Googlers were paid 67 percent more than Microsofties, and 152 percent higher than the 20 largest tech companies in the US.
"The median salary at Alphabet in 2021 amounted to nearly $300,000, and the average salary is much higher. Competition for talent in the technology industry has fallen significantly allowing Alphabet to materially reduce compensation per employee," Hohn added. The hedge fund manager, who said he know it is"never easy to let people go," added that he hoped to have further dialog with Google. TCI owns a $6 billion stake in Google, equating to 0.27 percent shareholding, putting it just outside of the top 20 Google stock owners.
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