- Four Google executives will receive 200% performance-based stock payments in 2023.
- This comes amid layoffs and a turbulent year for the company.
- Google’s senior vice president and chief business officer each received $35 million in stock for 2023.
Google parent Alphabet paid four of its executives tens of millions of dollars in stock for 2023, based on the company’s performance in the public markets.
President and CFO Ruth Porat, along with Senior Vice President Prabhakar Raghavan, Chief Commercial Officer Philipp Schindler and Chief Legal Officer Kent Walker, were awarded the maximum number of stock units based on the company’s performance , Google said in a regulatory filing last week.
The four executives’ base salaries remained at $1 million last year and they each received a $1.5 million bonus. Executives also received millions of dollars in performance and restricted stock, which vest at different times and are contingent on executive retention.
Executive stock-based compensation can range from 0% to 200% of the target number of shares, depending on Google’s performance relative to the S&P 100.
A 200% stock payment brought the total stock value for Porat and Walker’s 2023 compensation to $23 million each. Raghavan and Schindler each received compensation of $35 million in stock value, according to the filing.
Executive compensation was approved in early February after a tumultuous year for the company.
The tech giant cut 12,000 jobs, or 6% of its workforce, last year and warned it would lay off more workers in 2024.
“We have ambitious goals and will invest in our top priorities this year. The reality is that to create the capacity necessary for this investment, we must make difficult choices,” CEO Sundar Pichai wrote in an internal memo in January.
Layoffs and the elimination of key projects have damaged confidence within the company, BI reported in January. The company’s management received strong backlash from some of its employees, who publicly expressed their exasperation over the layoffs on LinkedIn and Twitter.
Alphabet shares are up 55% in the last year.
businessinsider
