On Thursday, the news agency Reuters reported that Google-parent Alphabet Inc passed the plan to link more of Chief Executive Officer Sundar Pichai’s pay to performance. The new equity award comes as the board recognises his “strong performance” as CEO.
Source: The Times of India
The parent company said that the new equity award bestowed to the Google CEO would largely depend upon the firm’s total shareholder return initiative relative to other S&P companies.
According to Alphabet, the award was changed to raise the performance stock units (PSUs) from 43 per cent to 60 per cent 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.
According to reports, Pichai has said Google was making changes to “better weather the storm” of the economy, but he wouldn’t rule out cuts. Managers were also asked to identify only the 2 percent of the lowest-performing employees.