The inventory award portion of his pay amounted to $218 million, in accordance with a submitting from the Google father or mother firm Friday. He acquired a complete of $6.3 million in compensation in 2021, when he didn’t obtain the grant, and his wage has remained regular at $2 million the previous three years.
The 50-year-old CEO has been navigating a extra aggressive trade, with AI merchandise such because the chatbot ChatGPT from startup OpenAI threatening to undermine Google’s dominance in search. A broader tech slowdown additionally has taken a toll on the corporate, with its shares sliding 39% in 2022. Nonetheless, they’ve mounted a comeback in 2023, rising 19%.
Pichai’s inventory award comes on a three-year schedule, and he acquired a equally sized package deal in 2019. That yr, the manager was awarded $281 million.
CEO compensation has grow to be a selected sensitive subject within the know-how trade — particularly after a wave of layoffs at Alphabet and different main firms. Apple Inc CEO Tim Cook dinner slashed his 2023 pay after drawing ire for making $100 million every of the previous two years.
Pichai’s package deal put him effectively above different executives at Alphabet in 2022. Prabhakar Raghavan, the senior vp of Google’s information and knowledge, and Philipp Schindler, chief enterprise officer, each took in about $37 million. Chief Monetary Officer Ruth Porat’s compensation was $24.5 million. Their inventory grants are given out on an annual foundation.
In January, Alphabet began reducing about 12,000 jobs, or 6% of its international workforce, following months of different measures to cut back spending and set new priorities. The median whole compensation for Alphabet workers was $279,802 in 2022, in accordance with the submitting. Pichai’s compensation was 808 occasions that quantity.
As a part of his compensation package deal, Alphabet spent $5.94 million on private safety for Pichai, in accordance with the submitting.