Rep. Derrick Van Orden has called for Veterans Affairs Secretary Denis McDonough to resign over a scandal involving $10.8 million in erroneous bonuses paid to senior VA executives. The bonuses were authorized under the PACT Act, intended to retain employees in critical shortage roles. An investigation revealed that McDonough was not fully informed about these payments. Despite recouping most of the funds, McDonough faces increasing pressure from lawmakers for accountability and systemic changes within the VA.
Archer-Daniels-Midland Co (ADM) will postpone performance bonuses for some executives until completion of financial statements and audit amid an accounting probe focused on the nutrition segment, which had a significant impact on executive compensation. The investigation was prompted by a request for information from the U.S. Securities and Exchange Commission, leading to a 24% drop in ADM shares. The company has delayed the release of its full-year 2023 financial results and is reevaluating its executive compensation structure tied to operating profit growth of the Nutrition segment.
Archer-Daniels-Midland Co will postpone performance bonuses for some executives until completion of its financial statements and audit amid an accounting probe focused on its nutrition segment, which had a significant impact on executive compensation. The investigation, prompted by a request for information from the U.S. Securities and Exchange Commission, led to the delay and the sidelining of the chief financial officer. The company's Compensation and Succession Committee had tied long-term executive compensation to the Nutrition segment's operating profit growth, resulting in significant payouts to executives.
Mark Zuckerberg hosted a call with angry employees who survived another round of layoffs at Meta, where he was grilled on executive bonuses amid poor business performance. Zuckerberg's answers were criticized as "shallow" and "patronizing" by employees. He confirmed that the company cut 4,000 employees in April, in addition to the 11,000 workers let go in November. Most of the questions revolved around "why" layoffs were happening again, and Zuckerberg took responsibility several times, saying it "rests solely" with him.
Meta employees questioned CEO Mark Zuckerberg about executive bonuses given while thousands of colleagues were being laid off. Zuckerberg defended the bonuses, saying he was pleased with how his top managers performed in their newly expanded roles. He also announced that the company will slow down hiring and that onboarding of new employees will not be done as quickly as before. The company laid off 4,000 employees across its tech divisions, including Facebook, Instagram, and WhatsApp, as well as its virtual reality department. Zuckerberg refused to rule out more layoffs and acknowledged that the latest round of layoffs was "always going to be the most difficult and controversial one."
