Alphabet Ties More of CEO Sundar Pichai’s Pay to His Performance in New Equity Award
Google-parent Alphabet announced on Wednesday that it has approved a new incentive for equity awards to the CEO Sundar Pichai, which ties a greater percentage of his earnings to his performance.
The board of directors recognizes Pichai’s “strong performance” as CEO, according to the company it added, noting that vesting of a large portion of the award will depend on Alphabet’s shareholder return in comparison with similar S&P 100 firms.
Alphabet stated that the award was modified to increase the percentage of performance stocks units (PSUs) up to 60%, up from 43 percent in 2019 while also increasing the requirements for performance for the payment.
Pichai, who gets the equity prize every 3 years received the opportunity to purchase two tranches PSUs with a amount of USD 63million (roughly around Rs. 520 crore) each.
The CEO also received an award worth USD 84 millions (Rs 694 crore) in the form of Alphabet’s restricted stock units.
In the meantime, Germany’s cartel office announced this week that it has completed legal proceedings in the case against Google concerning its news website after the tech giant implemented various changes to benefit publishers.
The office stated that Google had canceled plan to incorporate its Google News Showcase to general search results and had changed its policy on contracts to ensure that publishers don’t face any problems when defending their copyrights due to concerns. Publishers’ participation on this News Showcase will continue not to impact results in search, said the office.
The cartel office announced that Google will take further steps in the next few weeks, including giving more information on Showcase as well as stating that it will continue to monitor the progress.
With the expanded powers that came in force last year the cartel office has investigated cases involving various tech giants which include Amazon, Apple and Facebook Meta, the owner of Facebook. Meta.