Alphabet links more of CEO Pichai's pay to performance
The Hindu
Alphabet said that CEO Sudar Pichai’s pay would depend on the company’s total shareholder return relative to other S&P 100 companies.
Google-parent Alphabet Inc said on Wednesday it had approved a new equity award for Chief Executive Officer Sundar Pichai that ties more of his pay to performance.
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The board recognises Pichai's "strong performance" as CEO, the company said, adding that the vesting of a significant portion of the award would depend on Alphabet's total shareholder return relative to other S&P 100 companies.
Alphabet said the award was tweaked to increase the performance stock units (PSUs) to 60% from 43% in 2019, while increasing the performance requirement for the payout.
Pichai, who is given an equity award every three years, was granted two tranches of PSUs with a target value of $63 million each.
The CEO was also given a grant of $84 million in the form of Alphabet's restricted stock units.
Alphabet Inc.’s CEO, Sundar Pichai, received a hefty $240 million in performance-based stock awards since 2019, the highest ever to any executive of the search giant.
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