Sundar Pichai was recently appointed as the CEO of Google¡¯s parent company -- Alphabet, as Larry Page, the co-founder of Google, made the announcement a few weeks back.
And now we know what kind of increment and pay package Sundar Pichai will be receiving after his promotion.
As per a report by CNBC, Pichai will now be earning $2 million (which is approximately Rs 142,256,000) as opposed to $6,50,000 that he was earning while being CEO of Google.
However, in case you were wondering that¡¯s it -- it isn¡¯t. He is also being awarded $240 million in time-based stock options. Time-based stock options basically mean, one-twelfth of the stock units will vest on March 25, 2020, whereas each quarter after another twelfth of the stock units will vest.
Apart from this, he is also eligible for a performance-based stock unit that is divided into two parts and is worth $45 million each. This performance-based stock depends on how the shareholder returns of Alphabet perform in the next two years.
However, this isn¡¯t the first time Sundar is being paid very handsomely for his efforts to run the search-engine enterprise. He received about $200 million in stock awards in 2016, which have been vested.?
Moreover, last year, he turned down a grant of restricted stock as felt he was already paid generously (as stated by a person familiar with the decision). As per Bloomberg Pay Index, his total compensation for 2018 amounted to $1.9 million.
Since his appointment as Google CEO in 2014, Pichai has earned $550 million in stock.
Pichai will go on to take a more dynamic role as Alphabet CEO and already sits in crosshairs for various challenges with the current one being Google employees leaving the enterprise. In the last few weeks, reports have surfaced where five employees were fired after they were held organising employee protests -- however, Google states the reason for the firing was a violation of certain employee policies.