Google Inc.’s chief executive officer, Sundar Pichai has been awarded a record $199 million stock grant from Alphabet, the parent company that now owns the global search engine giant as part of a recent corporate reshuffling. Google’s newly crowned CEO, India-born Sundar Pichai has received 273,328 Class C shares on February – reports Bloomberg — that will grant him quarterly increments through 2019 should he remain on the job. The grant would make him one of the highest-paid executives of a publicly traded company this year. Moreover, this is also the biggest ever grant awarded to a Google executive officer.
Google is known to grant equity awards to executives once every two years. Diane Greene, who has spearheaded Google’s cloud business since November last year has been given $42.8 million in restricted stock by Alphabet similarly. Chief Financial Officer Ruth Porat has received $38.3 million worth in equity that will vest under the same conditions as Pichai’s, adds the report.
Alphabet Inc., headed by Google’s co-founders Larry Page and Sergey Brin recently overtook Cupertino major Apple as the most valuable publicly traded company in the world. It is the parent company that owns Google, along with Calico, GV, Google Capital, X, Google Fiber, Nest Labs and Verily. While Page is now the CEO of Alphabet, Sundar Pichai who was his former deputy has taken over his position as CEO of Google.
Amid all the hype, Amit Singhal, who runs Google’s core search operations , has announced that he is leaving the company. Singhal was vice-president and a Google Fellow at the company and was instrumental in rewriting the search algorithm when he joined it in 2000.
“February 26 will be my last day at Google. As I entered the fifteenth year of working at Google, I’ve been asking myself the question, what would you want to do for the next fifteen? The answer has overwhelmingly been: give back to others. I am eager to see what kind of impact I can make philanthropically, and of course, to spend more time with my family,” Singhal wrote.