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Google CEO Gets Equity Award of $199 Million

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02/08/2016 | 03:55pm EDT

Alphabet Inc. granted Sundar Pichai, chief executive of the company's main Google business, an equity award valued at nearly $200 million, making him one of the world's highest-paid executives.

In a securities filing Friday, Alphabet said it awarded Mr. Pichai 273,328 Class C Google stock units on Feb. 3. At that time, the grant was valued at $199 million, though subsequent declines in Alphabet shares put the current value at about $182 million.

The new award vests in quarterly increments over the next four years as long as Mr. Pichai is employed by Alphabet.

The grant lifts the value of Mr. Pichai's equity stake in Alphabet to more than $600 million. That is still well below the stakes held by co-founders Larry Page and Sergey Brin, and Eric Schmidt, Alphabet's executive chairman, who was hired several years after the company started.

However, the award is one of the largest by a U.S. company. In 2011 Apple Inc. awarded Tim Cook a grant valued at about $376 million when he was named chief executive, succeeding co-founder Steve Jobs.

Mr. Pichai's salary is not known because he isn't included as an executive officer in Google's annual proxy statement, although that may change next time around.

In its latest ranking of executive compensation, The Wall Street Journal listed Michael Fries of media company Liberty Global PLC as the highest-paid in 2014 with a total of $112 million, including salary, bonuses and long-term awards such as equity grants.

Alphabet's grant appears to be part of an effort to hold on to Mr. Pichai, who last year took responsibility for businesses that generate about 90% of Alphabet's revenue and an even larger percentage of its profit. He previously built Google's Chrome Web browser business and ran the Android mobile operating system for several years, making him a top recruiting target for rivals.

Write to Alistair Barr at alistair.barr@wsj.com

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LIBERTY GLOBAL PLC -1.52% 25.23 Delayed Quote.18.23%
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