Alphabet CEO Sundar Pichai gets raise, and a $240M Cover package
Alphabet CEO Sundar Pichai is getting a raise. The leader of Google's parent company will receive a $240 million pay package and $2 million in annual salary, the company said Friday in an SEC filing.
The cover bulge comes following Pichai took over Google's parent company.
The cover bulge comes after Google co-founders Larry Page and Sergey Brin earlier this month said they are stepping down as leaders of Alphabet, leaving Pichai to conduct the whole conglomerate. The company said in the filing that the pay increase is in recognition of Pichai's"expanded role" in Google and Alphabet. Pichai's total compensation in 2018 was $1.9 million, according to the Bloomberg Pay Index.
But even though Page and Brin relinquished formal executive jobs, they maintain voting control over the business's board.
Pichai's salary increase will take effect Jan. 1, 2020. The $240 million pay package in stock grants will be awarded over three years if Pichai hits performance goals. He could obtain an extra $90 million in stock grants if Alphabet's stocks outperform the S&P 100 Index, according to Bloomberg.
Alphabet
The statement comes as Alphabet faces extreme chaos, which Pichai will need to manage. The relationship between business management and rank-and-file workers is now strained. As workers protest everything from Google's work with the army to the provider's handling of sexual assault allegations. Google is also facing multiple antitrust investigations from both state and federal officials.
Pichai will also need to handle changes he has made to the corporation's historically open culture. Last month, Pichai said Google would scale back its TGIF town hall meetings, a longstanding company tradition. He said the meetings will be held yearly, rather than weekly or biweekly, due to a"coordinated effort" to escape remarks made at the internal meetings.
