After generating good returns for investors last year, Google’s top leaders will receive a 2022 salary hike along with huge bonus in the form of shares.
Alphabet, Google’s parent company, said in a filing with the Securities and Exchange Commission that its board of directors approved new packages bonus for the chief financial officer Ruth Porat, chief legal officer Kent Walker, chief search officer Prabhakar Raghavan and Philip Schindler, the company’s commercial director.
Basic executive salaries will also be increased from $ 650,000 to $ 1 million, according to an organizational document sent on Tuesday, Dec.28.
This happens when each of them has received bonus in the form of shares worth between $ 23 million and $ 35 million, according to CNBC, which was reviewed by Al Arabiya.net.
Shares of Alphabet were up 65% in 2021, far outstripping the broader market and all other major tech companies in the United States. Google’s search activity rebounded rapidly, starting to grow to pre-pandemic levels earlier this year, benefiting from the resurgence of advertising and travel.
YouTube also saw an increase in traffic, and Google’s cloud computing division gained business as companies switched to remote working.
Raghavan and Schindler each received the biggest prize in shares of 2022. The company has awarded each of them $ 12 million in performance-based shares that will accrue from 2022 to 2024, depending on the performance of the share price. Each of them received an additional $ 23 million in conditional shares that will mature quarterly in 12 rate, provided they continue to work.
Borat and Walker each received $ 5 million in performance-based stocks and $ 18 million in conditional actions.
Each executive will be eligible to participate in a bonus annual maximum of $ 2 million “based on contributions to Google’s performance against its 2022 social and environmental goals,” according to a paper unveiled on Tuesday.
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