Alphabet showers $280 million stock benefits on 3 top executives
Alphabet, Google’s parent company has been showering its good fortune on its top executives. The CEO of the company, Sundar Pichai was awarded $199 million worth of restricted stock which has made him one of the highest-paid executives of a publicly traded company.
The Head of Google’s cloud business Diane Greene also received $42.8 million in restricted stock from the company and the Chief Financial Officer Ruth Porat received equity worth $38.3 million.
Pichai received 273,328 Class C shares on February 3 that will vest in quarterly increments through 2019 if he remains on the job, according to a filing by the company. This award is the largest equity stake given to an executive officer whose grants have been publicly filed in the company's history, Bloomberg reports. It is Pichai's first award since taking over the company's highest-grossing unit. Porat’s equity will also vest under the same conditions as Pichai’s award, the filing showed -- Pichai and Porat's stock awards will vest in quarterly increments through 2019 if they remain on the job, giving them both plenty of incentives to stick around.
The new shares takes the value of Pichai’s Alphabet holdings to roughly $650m – or 14,440 times the $45,000 median net worth of US citizens as calculated by Credit Suisse.
Google typically grants equity awards to executives once every two years, a strategy it has said "encourages executives to take a long-term view of the business." Given the results of its most recent quarter, the three executives have done a pretty great job growing the company over the last year.