Sundar Prichai, Alphabet’s New CEO Gets A Salary Increase And At Least $120 Million In Stock
As of Friday Sundar Prichai is in for a major increase in pay for his new role at Alphabet.
Alphabet and Google’s new CEO is set to have his yearly salary increase to $2 million from the 1st of January, according to a filing on Friday, as well as receive a very generous amount of stock awards. The equity awards could amount to $240 million if Prichai achieves certain performance targets.
A further part of the package could see Prichai receive an additional $90 million in stock grants if Alphabet’s shares outperform the S&P 100 Index, according to Bloomberg.
Unfortunately even with this salary increase, Pichai won’t make the list of highest paid tech CEOs in the US. The list was topped in 2019 by Oracle’s late CEO Mark Hurd, who passed away earlier this year, at $108.3 million.
Microsoft CEO Satya Nadella made a base salary of $2.3 million, slightly higher than Pichai’s, but that was only a small part of his total 2019 compensation of $42.9 million. He was paid another $10.8 million in cash, plus $29.6 million in stock awards based on Microsoft’s performance under his lead.
Looking away from the money, the new CEO will have to work relentlessly in solving the company’s current problems. Forbes have stated that “while Alphabet is still pumping out strong revenues, its most recent earnings report revealed a rare decline in profits as it invested heavily to find its next big business after digital advertising.”
Google is under inspection internationally for its tax practices. The company recently made a payment of $360 million to the Australian Tax Authority and has been fined $160 million by France due to its “random” advertising enforcement.
Domestically, Alphabet could soon be facing legal action from four former employees who are planning to file unfair labor practice charges against the company with the National Labor Relations Board.