Sundar Pichai’s new pay package could be worth US$692m.
The figure, which will build him one of the highest paid CEOs worldwide, was revealed in a new compensation plan filed by Google parent company Alphabet with the US Securities and Exmodify Commission (SEC).
While Sundar’s previous pay plans were mostly tied to Alphabet’s overall stock price, this new three-year package reveals a distinct shift away from ‘just’ running Google to growing future operations.
Pay for the CEO is now linked to the performance of two of Alphabet’s other businesses: autonomous driving startup Waymo and drone delivery company Wing.
The SEC filing, dated 4 March, declares: “The committee recognises Mr Pichai’s strong performance as CEO.”
It adds: “Current and previous incentives in Mr Pichai’s compensation have benefitted Alphabet and its stockholders significantly.
“In creating this award, the committee has determined that further incentivising [him] to focus on his efforts on developing and scaling Alphabet’s later stage ‘other bets’, such as Waymo and Wing, is in the best interests of Alphabet and its stockholders, and is designed to maximise long-term stockholder value.”
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