In the Layoff Season, Sundar Pichai, Alphabet CEO’s Pay Touches $226 Million Due to a Huge Stock Award
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In 2022, Sundar Pichai, the Chief Executive Officer of Alphabet Inc. drew a handsome compensation of $226 million because of a triennial stock award that had a valuation of $218 million. When compared, this huge sum of money meant several bigwigs in Silicon Valley drew only a little. The stock award happens every three years. And in 2019 as well Pichai received a similar size package of $281 million.
Last year, his compensation was $6.3 million wherein in there was no stock award as per the filing by the Google parent company Friday. So, for the last 3 years, his package was stable at $2 million. In the technology industry, the compensation that CEOs get has become a sensitive topic. This was especially felt after a tide of layoffs at major companies, including Alphabet.
Tim Cook, CEO of Apple Inc. cut out his 2023 pay after criticism for making $100 million each of the last 2 years. In 2022, the package that Pichai drew placed him over several other executives and officials at Alphabet. The Chief Business Officer, Philipp Schindler, and the Senior Vice President of Google’s knowledge and information. And they both had a package of about $37 million.
The compensation for Ruth Porat, the Chief Financial Officer was $24.5 million. For them, the stock grants are distributed on a yearly basis. Alphabet started to lay off employees in January. They had reduced 6% of their workforce by cutting down 12,000 jobs. And this was followed up by setting new priorities, reducing spending, and other measures to keep the costs low.
