Google gives CEO new pay deal worth up to $692 million

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Google and Alphabet CEO, Sundar Pichai

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The CEO of Google and its parent company Alphabet could earn up to $692 million over the next three years under a new compensation plan published Friday by the US Securities and Exchange Commission.

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The deal would make Sundar Pichai, who has been chief executive of Google since 2015 and of Alphabet since 2019, one of the highest paid CEOs in the world.

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Under the plan, Pichai’s three-year salary of $6 million, or $2 million per year, would remain unchanged.

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The remainder of his compensation would be paid in the form of Alphabet stock, as well as shares in two subsidiaries — the autonomous vehicle company Waymo and the drone delivery service Wing.

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The SEC filing suggested Pichai could receive about $130 million from Waymo and $45 million from Wing.

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The allocation will depend on the performance of the shares and, for Alphabet, on the amount of dividends paid.

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In the event of his dismissal, Pichai would forfeit all stock options that are not yet exercisable, according to the document.

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“Current and previous incentives in Mr Pichai’s compensation have benefited Alphabet and its stockholders significantly,” the company said in the filing.

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