San Francisco: Alphabet and Google chief executive officer (CEO) Sundar Pichai will take home a stock package worth $240 million on top of a $2 million annual salary in 2020. Out of the stock package, $90 million is tied to Alphabet’s performance. Google CEO Sundar Pichai was also named the CEO of Alphabet this month as the co-founders decided to relinquish their current positions in Alphabet, the parent company of the online search giant. That made India-born Sundar Pichai the CEO of both Google and Alphabet.
In a filing to the Securities Exchange Commission (SEC) on Friday, Alphabet said Sundar Pichai will also start receiving a substantial raise to $2 million a year starting January 1, according to a Mercury News report. The compensation package is being given in recognition of Sundar Pichai’s “expanded role as CEO of Alphabet and Google”.
Sundar Pichai on Thursday received $90 million in stock awards that will vest by the end of 2022 “depending on Alphabet’s shareholder returns compared to the S&P 100”, according to the regulatory filing.
“Pichai also received two other stock grants, of $120 million and $30 million, neither tied to performance but subject to his continued employment,” the report said, citing the filing.
Signalling the end of an era, Google co-founders Larry Page and Sergey Brin decided to relinquish their current positions in the parent company Alphabet earlier this month.
Mr Page and Mr Brin will continue their involvement as co-founders, shareholders and members of Alphabet’s board of directors.
Sundar Pichai joined Google in 2004 and helped lead the development of Google Toolbar and then Google Chrome, which grew to become the world’s most popular internet browser. He became Google’s CEO in August 2015.
Under his leadership as CEO, Google has been focused on developing products and services, powered by the latest advances in Artificial Intelligence (AI), that offer help in moments big and small.
Sundar Pichai, who grew up in Chennai and studied engineering at the Indian Institute of Technology (IIT), holds a master’s degree from Stanford University and an MBA degree from the Wharton School.