Alphabet CEO’s Pay back Soars to $226 Million on Massive Inventory Award

(Bloomberg) — The shell out package awarded to Alphabet Inc. Chief Govt Officer Sundar Pichai soared to $226 million in 2022, boosted by a triennial inventory grant, creating him a person of the world’s greatest-paid company leaders.

Most Study from Bloomberg

The stock award part of his pay amounted to $218 million, in accordance to a filing from the Google parent organization Friday. He been given a complete of $6.3 million in compensation in 2021, when he didn’t receive the grant, and his wage has remained regular at $2 million the previous a few years.

The 50-yr-old CEO has been navigating a far more competitive market, with AI products and solutions this kind of as the chatbot ChatGPT from startup OpenAI threatening to undermine Google’s dominance in lookup. A broader tech slowdown also has taken a toll on the firm, with its shares sliding 39% in 2022. Nonetheless, they’ve mounted a comeback in 2023, increasing 19%.

Pichai’s inventory award arrives on a 3-calendar year agenda, and he received a similarly sized bundle in 2019. That year, the executive was awarded $281 million.

CEO payment has grow to be a certain touchy matter in the technology industry — primarily right after a wave of layoffs at Alphabet and other main corporations. Apple Inc. CEO Tim Prepare dinner slashed his 2023 pay after drawing ire for producing $100 million just about every of the previous two several years.

Pichai’s deal set him very well higher than other executives at Alphabet in 2022. Prabhakar Raghavan, the senior vice president of Google’s knowledge and info, and Philipp Schindler, main company officer, both of those took in about $37 million. Chief Money Officer Ruth Porat’s compensation was $24.5 million. Their inventory grants are specified out on an yearly foundation.

Tale proceeds

In January, Alphabet started out slicing about 12,000 employment, or 6% of its world wide workforce, adhering to months of other steps to reduce paying and established new priorities. The median overall payment for Alphabet workers was $279,802 in 2022, in accordance to the filing. Pichai’s compensation was 808 instances that sum.

As portion of his compensation deal, Alphabet expended $5.94 million on own security for Pichai, according to the filing.

(Updates with far more from filing in seventh paragraph.)

Most Examine from Bloomberg Businessweek

©2023 Bloomberg L.P.