Alphabet Inc. Chief Executive Sundar Pichai received his third massive stock award since rising to the top of Google, the company disclosed Friday.
Pichai received $218 million in stock awards after his previous award cashed in 2022, according to a proxy filing with the Securities and Exchange Commission that was made public Friday afternoon. Alphabet GOOGL GOOG has awarded Pichai stock bonuses of roughly $200 million or more every three years, and they take three years to vest, with a mix of time-based awards and performance-based...
The triennial stock award boosted his 2022 total compensation to $226 million, more than 800 times the average Alphabet employee’s compensation last year, which was roughly $280,000. Alphabet pointed out that the stock award causes outsize ratios in the years Pichai receives them — for example, the 808-1 ratio in 2022 compares with a 27-to-1 ratio in 2020 and 21-to-1 in 2021.
Pichai’s stock awards consist of $84 million in restricted stock units and $126 million in performance-based restricted stock units . Executives receiving awards don’t recognize income at the time that they’re granted stock awards, but rather when they vest; the stock awards are realized as compensation in the years they are granted, though, which has led to Pichai being named the highest paid CEO in previous years in which the awards were granted.
“These changes further align Sundar’s compensation to long-term shareholder value creation and Alphabet’s stock performance relative to the S&P 100 over the applicable performance periods,” Alphabet said in the proxy filing.
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