- Four Google executives will obtain 200% performance-based inventory payouts in 2023.
- This comes amid layoffs and a turbulent yr for the corporate.
- Google’s senior VP and chief enterprise officer every acquired $35 million in inventory for 2023.
Google guardian firm Alphabet paid 4 of its executives tens of tens of millions of {dollars} in inventory payouts for 2023, primarily based on the corporate’s public-markets efficiency.
President and chief monetary officer Ruth Porat, together with senior VP Prabhakar Raghavan, chief enterprise officer Philipp Schindler, and authorized chief Kent Walker, have been awarded the corporate’s most variety of performance-based inventory items, Google mentioned in a regulatory submitting final week.
Base salaries for the 4 executives remained $1 million final yr, and so they every obtained a $1.5 million bonus. The executives had been additionally granted tens of millions of {dollars}’ value of efficiency and restricted inventory items, which vest at totally different instances and rely on the execs sticking round.
The executives’ stock-based compensation can vary from 0% to 200% of the goal variety of shares, primarily based on Google’s efficiency relative to the S&P 100.
A 200% inventory payout raised the entire inventory worth for Porat and Walker’s 2023 compensation to $23 million every. Raghavan and Schindler had been compensated $35 million every in inventory worth, based on the submitting.
The executives’ compensation was accredited in early February after a tumultuous yr for the corporate.
The tech large axed 12,000 jobs, or 6% of its workforce via final yr, and warned it will lay off extra employees in 2024.
“We have ambitious goals and will be investing in our big priorities this year. The reality is that to create the capacity for this investment, we have to make tough choices,” CEO Sundar Pichai wrote in an inside memo in January.
The layoffs and the slashing of key tasks have damage sentiment inside the firm, BI reported in January. The firm’s management obtained sturdy backlash from a few of its staff, who publicly aired their exasperations relating to layoffs on LinkedIn and Twitter.
Alphabet’s inventory is up 55% within the final yr.