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Google offers Sundar Pichai pay package worth up to $692 million: All you need to know
With this deal, Google's Sundar Pichai will become one of the highest-paid CEOs in the world.
Sundar Pichai, CEO of Google, could earn up to $692 million under a new compensation plan published by the US Securities and Exchange Commission on Friday. The Indian-origin tech leader, who is also the CEO of Google’s parent company Alphabet, stands to earn the amount over the next three years.
Inside the pay plan:
Reportedly, Pichai’s three-year salary of $6 million, which comes to $2 million per year, will not change. The remainder of his compensation plan will be paid through Alphabet stock.
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Additionally, the compensation will also include shares in two subsidiaries: the autonomous vehicle company Waymo and the drone delivery service Wing. According to the SEC filing, Pichai could receive nearly $175 million from the subsidiaries, including $45 million from Wing and $130 million from Waymo.
However, the allocation will reportedly depend on the performance of the shares. As for Alphabet, it will depend on the amount of dividends paid. The deal stands to make Sundar Pichai one of the highest paid CEOs in the world.
What will happen in case of a dismissal?
The filing suggests that in case of a dismissal, Pichai would have to “forfeit all stock options that are not yet exercisable”.
"Current and previous incentives in Mr Pichai's compensation have benefited Alphabet and its stockholders significantly," the company said in the filing.
Sundar Pichai's career at Google:
Sundar Pichai has been the Chief Executive Officer of Alphabet since December 2019 and of Google since October 2015. Since joining Google in 2004, he has led product and engineering for Google’s products and platforms, including Maps, Chrome, Gmail, Android, and Google Workspace (formerly G Suite and Google Apps).
Prior to assuming the role of CEO, Pichai also served as Google’s Senior Vice President of Products from October 2014 to October 2015, and as Google’s Senior Vice President of Android, Chrome, and Apps from March 2013 to October 2014.
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He also serves on Alphabet’s Board of Directors. According to a Google blog post, “Under his leadership, Google has been focused on developing products and services, powered by the latest advances in AI, that offer help in moments big and small.”
Sundar Pichai has been with Google for nearly 22 years.
