Alphabet has approved a new pay package for Google CEO Sundar Pichai that could be worth up to $692 million over the next three years.
According to a regulatory filing, most of the compensation will come from performance-based stock incentives rather than direct salary. The package is designed to reward Pichai based on the company’s long-term performance and growth.
A significant part of the stock incentives is tied to the progress of Alphabet’s emerging businesses, including Waymo, the company’s autonomous vehicle unit, and Wing, its drone delivery service.
If performance targets are met, the deal could make Pichai one of the highest-paid executives in the world.
Despite leading one of the largest tech companies globally, Pichai generally receives far less public attention compared to Google’s co-founders Larry Page and Sergey Brin.
Recently, Page and Brin have been making headlines for purchasing luxury properties in Miami. The purchases are widely believed to be linked to concerns about California’s proposed Billionaire Tax Act, which could impose a one-time five percent tax on net worth exceeding one billion dollars.
Reports suggest Larry Page spent more than $173 million on two mansions in Coconut Grove, Florida. Sergey Brin has also reportedly bought a $51 million mansion nearby, in addition to earlier purchases totaling $92 million.
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Pichai, however, has largely remained based in Los Altos, California. Although he keeps a lower public profile, he has built significant wealth since becoming Google’s CEO in 2015.
