MOUNTAIN VIEW, Calif. — Indian American executive Sundar Pichai will make $2 million in salary and up to several hundred million dollars in stock grants in his new position as CEO of Alphabet, the board announced Dec. 20.
Pichai, who had been the CEO of Alphabet’s main subsidiary Google since 2015, clinched the promotion to the helm of the parent company earlier this month when Google co-founders Larry Page and Sergey Brin stepped down. Page had been CEO of Alphabet and Brin served as president, a position that has now been eliminated.
According to CNBC News, Pichai will not receive any additional voting rights with his new shares, leaving Page and Brin in control of the board.
Pichai’s new salary will take effect Jan. 1, with his stock units divided between time and performance-based equity. Of his $120 million in time-based stock units, one-twelfth will vest on March 25, 2020, with another twelfth vesting each quarter to follow that he continues to be employed by the company.
The performance-based stock unit award will be divided into two equal parts with a target value of $45 million each. He could be granted between 0 percent and 200 percent of the shares in each part, depending on the total shareholder return for Alphabet relative to S&P 100 companies between 2020 and 2021 and between 2020 and 2022, respectively, said the report.
As Google CEO, Pichai made $650,000 in annual base pay, and previously shirked additional shares of the company, according to a May report from Bloomberg.