Alphabet CEO Pichai Gets Salary Boost, Equity Awards
December 20 2019 - 1:06PM
Dow Jones News
By Michael Dabaie
Alphabet Inc. (GOOG) said in a filing that Chief Executive
Sundar Pichai would see a salary increase to $2 million, effective
Jan. 1, and be provided equity awards in the form of performance
stock units, or PSUs, and restricted stock units, or GSUs.
The company said in a Securities and Exchange Commission filing
that in recognition of his expanded role as CEO of Alphabet and
Google, the Leadership Development and Compensation Committee of
the board decided to increase Mr. Pichai's salary.
The 2019 equity awards consist of both performance-based and
time-based equity, vesting from 2020 through 2022. Mr. Pichai's
last GSU award was granted in 2016. As a result, the 2019 awards
also include a one-time transitional grant of time-based GSUs
vesting during 2020, the SEC filing said.
Mr. Pichai was granted two tranches of PSUs with a target value
of $45 million each. The PSUs will vest based on the total
shareholder return performance of Alphabet relative to the
companies comprising the S&P 100 over a 2020 to 2021
performance period for the first tranche and over a 2020 to 2022
performance period for the second tranche.
Mr. Pichai was also granted an award of $120 million in the form
of GSUs, the company said in the filing.
He also will be granted a transitional award of $30 million in
the form of GSUs, Alphabet said in the SEC filing.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
December 20, 2019 12:51 ET (17:51 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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