Sundar Pichai, the chief executive officer (CEO) of Alphabet Inc and its subsidiary Google LLC, will be taking home an annual salary of $2 million in 2020. In addition, Pichai will also be receiving a stock package of $240 million, of which $90 million will be tied to Alphabet's performance.
The disclosure of the pay package was made by Alphabet Inc in a filing to the US Securities Exchange Commission (SEC) on Friday. The tech giant said that the increase in salary was in recognition of Sundar Pichai's "expanded role as CEO of Alphabet and Google".
The filing said that Pichai on Thursday received $90 million in stock awards that will vest by the end of 2022 "depending on Alphabet's shareholder returns compared to the S&P 100."
"Pichai also received two other stock grants, of $120 million and $30 million, neither tied to performance but subject to his continued employment," it added.
Earlier this month, Google co-founders Larry Page and Sergey Brin decided to relinquish their current positions in the parent company Alphabet. India-born Pichai, who joined Google in 2004, was made the CEO of Alphabet on the succession plan, in addition to his existing role as the CEO of Google.