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Alphabet links more of CEO Pichai's pay to performance

December 21, 2022 at 05:52 pm EST

(Reuters) - Google-parent Alphabet Inc said on Wednesday it had approved a new equity award for Chief Executive Officer Sundar Pichai that ties more of his pay to performance.

The board recognizes Pichai's "strong performance" as CEO, the company said, adding that the vesting of a significant portion of the award would depend on Alphabet's total shareholder return relative to other S&P 100 companies.

Alphabet said the award was tweaked to increase the performance stock units (PSUs) to 60% from 43% in 2019, while increasing the performance requirement for the payout.

Pichai, who is given an equity award every three years, was granted two tranches of PSUs with a target value of $63 million each.

The CEO was also given a grant of $84 million in the form of Alphabet's restricted stock units.

(Reporting by Akash Sriram in Bengaluru; Editing by Anil D'Silva)

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Sundar Pichai

Mr. Sundar Pichai is a Chief Executive Officer & Director at Alphabet, Inc., a Chief Executive Officer at Android, Inc. and a Chief Executive Officer at Google LLC. He is on the Board of Directors at Alphabet, Inc. Mr. Pichai was previously employed as a Chief Executive Officer by Pie.co Pte Ltd., an Independent Director by Jive Software, Inc., a Principal by Applied Materials, Inc., and a Principal by McKinsey & Co., Inc. He also served on the board at Magic Leap, Inc. He received his undergraduate degree from Indian Institute of Technology Kharagpur, a graduate degree from Stanford University and an MBA from The Wharton School of the University of Pennsylvania.

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Google LLC Google LLC Internet Software/ServicesTechnology Services Google LLC engages in the operation of internet portal and search index website. It provides online advertising technologies, search engine, cloud computing, and software solutions. The company was founded by Lawrence E. Page and Sergey Mikhaylovich Brin on September 4, 1998 and is headquartered in Mountain View, CA.	Chief Executive Officer
Android, Inc. Android, Inc. Specialty TelecommunicationsCommunications Android, Inc. provides telecommunication services. It offers multimedia messaging system, receiving and making calls, postpaid & prepaid packages, and information services such as news, weather, and horoscope messages. The company is headquartered in Palo Alto, CA.	Chief Executive Officer