Google Boss, Sundar Pichai, has just become the highest paid CEO in the US, bringing his total holdings in Alphabet (Google's parent company) to a total of $650 million after an award of $199 million worth of shares.
Pichai became Google's CEO back in October following the reorganization of the company, and the creation of parent company Alphabet. According to the United States Securities and Exchange Commission filing on Feb. 5, Pichai was handed 273,328 shares, worth $199 million. The shares will vest with Pichai in sixteen equal tranches, with the first installment on March 25, 2016, with subsequent installments every quarter after that.
However, compared with the top ten highest paid US CEO's of 2015, Pichai now takes a significant lead:
- John Hammergren, pharmaceutical firm McKesson: $131.2 million
- Ralph Lauren, founder of fashion house Ralph Lauren: $66.7 million
- Michael Fascitelli, real estate investment trust Vornado Realty: $64.4 million
- Richard Kinder, energy infrastructure firm Kinder Morgan: $60.9 million
- David Cote, conglomerate Honeywell: $55.8 million
- George Paz, pharmaceutical services firm Express Scripts: $51.5 million
- Jeffery H Boyd, travel, and tourism website Priceline.com: $50.2 million
- Stephen Hemsley, US health insurance firm UnitedHealth Group: $48.8 million
- Clarence P Cazalot, Marathon Oil: $43.7 million
- John C Martin, biotech company Gilead Sciences: $$43.2 million
Pichai was not the only person at the company to receive a big payday. Ruth Porat, Alphabet's chief financial office, was also given shares worth $38 million. Porat joined the company last year with a $30 million signing bonus. Similarly, Diane Greene, head of Google's cloud computing business, received stock worth $42.8 million.
Last week, Alphabet overtook Apple as the world's most value company after it reported a 2015 4th Quarter profit of $4.9 billion, up from $4.7 billion the previous year.
It is significant that the award to Pichai was more than the value it agreed to pay in back taxes in the UK since 2005. According to reports, Google generated sales of around $34.6 billion in the UK during that time, with a profit of around $10.4 billion. This award is likely to pour salt in the wounds of the British Public.