Alphabet CEO Sundar Pichai reaps over $200 million in 2022 amid cost-cutting
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Sundar Pichai’s pay package at Alphabet Inc climbed to $226 million in 2022, boosted by a triennial stock grant, making him one of the world’s highest-paid business leaders.
According to a report from Google’s parent company on Friday, the stock award portion of his salary was $218 million. In 2021, when he did not receive the grant, he received a total of $6.3 million in remuneration, and his income has been constant at $2 million for the preceding three years.
The 50-year-old CEO has been navigating a more competitive sector, with AI products such startup OpenAI’s chatbot ChatGPT threatening Google’s supremacy in search. A broader IT slowdown has also weighed on the corporation, with its shares falling 39% in 2022. Nonetheless, they made a comeback in 2023, climbing 19%.
Pichai’s stock award is structured over three years, and he received a comparable package in 2019. The executive received $281 million that year.
CEO pay has been a particularly contentious issue in the technology industry, particularly following a wave of layoffs at Alphabet and other prominent corporations. Apple Inc CEO Tim Cook cut his 2023 pay after attracting criticism for earning $100 million in each of the previous two years.
Pichai’s compensation deal places him far ahead of other Alphabet executives in 2022. Prabhakar Raghavan, Google’s senior vice president of knowledge and information, and Philipp Schindler, the company’s chief commercial officer, both earned almost $37 million. Ruth Porat, the company’s chief financial officer, was paid $24.5 million. Their stock grants are distributed annually.
Following months of various actions to decrease spending and create new priorities, Alphabet began shedding approximately 12,000 workers, or 6% of its global workforce, in January. According to the document, the median total remuneration for Alphabet employees in 2022 was $279,802. Pichai’s pay was 808 times that amount.
According to the report, Alphabet spent $5.94 million on personal security for Pichai as part of his salary package.
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