- 4 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 bought $35 million in inventory for 2023.
Google father or mother firm Alphabet paid 4 of its executives tens of thousands and thousands of {dollars} in inventory payouts for 2023, based mostly 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 thousands and thousands of {dollars}’ value of efficiency and restricted inventory items, which vest at completely different occasions and depend upon the execs sticking round.
The executives’ stock-based compensation can vary from 0% to 200% of the goal variety of shares, based mostly on Google’s efficiency relative to the S&P 100.
A 200% inventory payout raised the full 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 authorised in early February after a tumultuous yr for the corporate.
The tech big axed 12,000 jobs, or 6% of its workforce by final yr, and warned it might lay off extra staff in 2024.
“We have now formidable targets and will likely be investing in our huge priorities this yr. The fact is that to create the capability for this funding, we’ve to make powerful selections,” CEO Sundar Pichai wrote in an inner memo in January.
The layoffs and the slashing of key tasks have damage sentiment inside the firm, BI reported in January. The corporate’s management obtained robust backlash from a few of its workers, who publicly aired their exasperations relating to layoffs on LinkedIn and Twitter.
Alphabet’s inventory is up 55% within the final yr.
