- Google-parent Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) approved a new equity award for CEO Sundar Pichai that tied more of his pay to performance.
- Alphabet said that the vesting of a significant portion of the award would depend on Alphabet’s total shareholder return relative to other S&P 100 companies, Reuters reports.
- Alphabet tweaked the award to increase the performance stock units (PSUs) to 60% from 43% in 2019 while increasing the performance requirement for the payout.
- Pichai, who got an equity award every three years, got two tranches of PSUs with a target value of $63 million each.
- The CEO got a grant of $84 million from Alphabet’s restricted stock units.
- In December, a survey found that employers in North America need to reshape their performance management efforts and pay-for-performance programs to give them a much-needed boost.
- The survey revealed similar conclusions worldwide.
- “While most organizations are currently planning for larger increases in 2023, the need to demonstrate to employees how their pay is tied to performance has never been greater,” said Alex Weisgerber, senior director of Work & Rewards, WTW.
- In 2022, Pichai fielded employee questions ranging from cutting travel and swag budgets despite record profits and substantial cash reserves as it did after the pandemic.
- Pichai emphasized acting responsibly to tide through such critical situations.
- Price Action: GOOG shares traded higher by 0.21% at $90.06 in the premarket on the last check Thursday.
If You Invested $100 In Bitcoin When Winklevoss Twins First Filed For Spot BTC ETF Over 10 Years Ago, Here’s How Much You’d Have Now
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