Sundar Pichai, the Indian born Chief Executive Officer of the global technology leader, Google is all geared up to cash in around $380 million dollars(Rs 2,524 crore), making it one of the largest single payouts to a public company executive in recent years, according to data compiled by Bloomberg.
On Wednesday, an award of 353,939 restricted shares he received before a promotion in 2014 was vested. Sundar Pichai was positioned as the head of Google in 2015. He received those shares, a year earlier, prior to his promotion to senior vice president of products and Larry Page retired to take over the responsibilities of the parent firm, Alphabet. Alphabet’s stock surged 90 percent since the grant date, compared with a 39 percent advance of the S&P 500 that led to a humongous increase in the value of the award. He has received two more nine-figure stock grants since then. The company has not disclosed Pichai’s compensation for 2017. In 2016, CEOs of S&P 500 companies realized an average of $16.2 million from shares that vested or exercising stock options, according to data compiled by Bloomberg.
Other tech executives have received hefty payouts in the past. Facebook Inc.’s Mark Zuckerberg brought home $2.28 billion when he exercised 60 million options as part of the company’s initial public offering in August 2012. Months later, restricted shares worth $822 million held by his deputy Sheryl Sandberg fully vested.
In 2016, Tesla Inc.’s Elon Musk collected $1.34 billion after exercising 6.71 million options that were close to expiring, in part to cover a $593 million tax bill. That same year, Monster Beverage Corp.’s two top executives took in a combined $598 million thanks to the stock rising an average of 30 percent a year for a decade.
Alphabet, which is set to report first-quarter results after U.S. markets closed Monday, slid 0.3 percent to $1,073.64 at 10:05 a.m. in New York, paring this year’s advance to 2.1 percent. Source: Bloomberg
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