Alphabet CEO Sundar Pichai receives hike, pay soars to $226mn
The CEO of Alphabet Inc. Sundar Pichai is now one of the world's highest-paid corporate leaders. As per a filing by Google's parent company, Pichai was awarded a pay package of $226 million last year, up from $6.3 million in 2021. The top boss's pay bump comes at a time when thousands have been laid off, and several more are staring at job losses.
A brief look at Pichai's pay package
For the past three years, Pichai drew a salary of $2 million annually. In 2021, his total compensation was valued at $6.3 million. However, boosted by a triennial stock grant, the pay package ballooned to $226 million in 2022, of which $218 million was a stock award. This stock award is granted on a three-year schedule and in 2019, Pichai was awarded $281 million.
How much were other execs paid?
Pichai's compensation was leaps and bounds above other Alphabet executives. Chief financial officer Ruth Porat brought home $24.5 million, while senior vice president Prabhakar Raghavan and chief business officer Philipp Schindler, were paid around $37 million as compensation. All three of them are offered stock grants on a yearly basis. The pay gap between the execs seems quite steep.
Around $6 million was spent on Pichai's personal security
If you think Pichai's compensation was hefty, you will be surprised to know that Alphabet spent a whopping $5.94 million on his personal security. This expense was included in his package. However, some of Pichai's peers are taking a different path. Apple CEO Tim Cook has slashed his 2023 pay to $49 million (down 40% from his 2022 package).
Job security at Alphabet at stake
Pichai has received a pay hike at a time when Alphabet employees have been plagued by job cuts. In January this year, the tech firm fired 6% of its global workforce or around 12,000 employees. However, this does not seem like the end. When Pichai was recently asked whether there would be any further layoffs, he neither denied nor confirmed it. Sounds quite ominous.
Huge disparity between CEO and employee pay
Back in 2022, the median total compensation of Alphabet employees was valued at $279,802, as per the official filing. You may ask why it is important. Well, Pichai's compensation was roughly 808 times that figure.
