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Comment by drstewart | Hacker News Reader

>accountability rests with me as the CEO

There it is. Rings incredibly hollow when the same line was trotted out just a few months ago with zero impact or meaning behind the statement, given it clearly didn't change anything.

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I don't get why every CEO is cargo culting this line in layoff announcements. It plays extremely poorly because it's clear there's no accountability.

because there is no consequence other than us rolling our eyes.

> accountability rests with me as the CEO

"As the accountability rests with me, I will be taking a 25% cut on my $60 million bonus this year"

For others reading: the $60 million number is his comp from 2020, $57 million in the form of stock options.

I doubt he’s getting anything close to that in 2023.

I hope he took puts for the options.

Unless he resigns along with the people he lets go, there is no accountability.

Would that really be desirable for the 80% who remain?

More than likely, any career CEO who would be brought in to replace him would likely continue staffing cuts, not reverse them.

Generally speaking, if the current pilot has ran your plane into a mountain twice, you probably want a new pilot.

(Genuinely curious) how did he fly Coinbase into a mountain?

(Other than the layoffs which are happening across the board at nearly all big tech)

That way over hired. The company missed the nft wave. And their expenses went out of control. A good ceo would have recognized during the first round of layoffs a deeper cut was necessary to bring the company to profitability.

He could forgoe 75% of his compensation though, and I doubt he will, because not actually accountable.

Hell, he could drop down to the 2x employee salary ratio from the 1960s.

Yep.

Also, Coinbase sells unregistered securities.

Thank you Gary.

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