LinkedIn Corp. Chief Executive Jeff Weiner will forgo his annual equity package, valued at about $14 million, so the stock can be distributed to other employees.

The shares will be "awarded to employees over the next several weeks as part of our annual review process," a LinkedIn spokeswoman said Wednesday.

The gesture comes about a month after LinkedIn delivered a disappointing 2016 forecast, triggering a massive decline in its shares and a cascade of analyst downgrades. So far this year, LinkedIn shares are down 47%, while the S&P 500 index is down 2.8%.

The spokeswoman said Mr. Weiner first raised the idea of redistributing his stock. The CEO had addressed the stock reaction in a company meeting shortly after the weak forecast, which LinkedIn posted online.

Write to Deepa Seetharaman at Deepa.Seetharaman@wsj.com

(END) Dow Jones Newswires

March 02, 2016 22:25 ET (03:25 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
Linkedin Corp. Class A (NYSE:LNKD)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Linkedin Corp. Class A Charts.
Linkedin Corp. Class A (NYSE:LNKD)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Linkedin Corp. Class A Charts.