San Francisco: Alphabet and Google CEO Sundar Pichai will receive $240 million in stock awards over the next three years if he hits all of his performance targets, as well as a $2 million annual salary beginning in 2020, the firm said Friday in a filing.
Alphabet said in a Securities Exchange Commission filing on Friday that Pichai will also start receiving a substantial raise from January 1 to $2 million a year, according to a report by news agency IANS.
The compensation package is being given in recognition of Pichai's "expanded role as CEO of Alphabet and Google".
Pichai on Thursday received $90 million in stock awards that will vest by the end of 2022 "depending on Alphabet's shareholder returns compared to the S&P 100", the filing said.
"Pichai also received two other stock grants, of $120 million and $30 million, neither tied to performance but subject to his continued employment," the report said, citing the filing.
Signalling the end of an era, Google co-founders Larry Page and Sergey Brin decided to relinquish their current positions in the parent company Alphabet earlier this month, making India-born Pichai the CEO of both Google and Alphabet.
Page and Brin will continue their involvement as co-founders, shareholders and members of Alphabet''s Board of Directors.
Pichai joined Google in 2004 and helped lead the development of Google Toolbar and then Google Chrome, which grew to become the world's most popular internet browser.
Sundar became Google's CEO in August 2015. He joined the Board of Directors of Alphabet, Google's parent company, in July 2017.
Under his leadership as CEO, Google has been focused on developing products and services, powered by the latest advances in AI, that offer help in moments big and small.
Pichai, who grew up in Chennai and studied engineering at the Indian Institute of Technology, holds a master's degree from Stanford University and an MBA from the Wharton School.
(With IANS inputs)