BENGALURU: Google-parent Alphabet Inc has approved a new equity award for chief executive officer Sundar Pichai that ties more of his pay to performance.
The board recognises Pichai’s “strong performance” as CEO, it said, adding 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 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. He was also given a grant of $84 million in the form of Alphabet’s restricted stock units.