Alphabet’ CEO Sundar Pichai is getting a raise. The owner of Google’s famous companny said last Friday that the CEO of the company will receive a payment package of up to 240 million dollars in addition to an annual salary of the remaining 2 million dollars.
The in the CEO’s salary boom comes after Google co-founders Larry Page and Sergey Brin said earlier this month that they were stepping down from Alphabet’s leadership to leave Pichai to run the entire conglomerate. The company said that this salary increase is recognition of the great role that Pichai plays with Google and Alphabet. According to the Bloomberg Pay Index, the total compensation awarded to Pichai in 2018 was $1.9 million.
But although Page and Brin have given up official executive roles, they will maintain control of voting on the company’s board of directors.
Pichai’s salary increase will take effect on January 1, 2020 and he will be awarded a payment package of $240 million in the company’s shares over a three-year period if Pichai achieves the performance targets set by the company. He could also receive an additional $90 million in stock awards if the Alphabet shares outperform the Standard & Poor’s 100 index, according to Bloomberg.
The announcement comes as Alphabet faces some severe turmoil, which Pichai will have to deal with wisely. The relationship between the company’s management and the appropriate high-ranking employees has become tense, as workers protest everything from Google’s work with the military to the company’s handling of sexual assault allegations. Google also faces multiple monopoly investigations by federal officials and state employees.
Pichai will also have to deal with the changes he has made to the company’s historically open culture. Last month, Pichai said that Google would scale back its municipal meetings, an old tradition of the company. He said that the meetings will be held monthly instead of weekly or bi-weekly, because of a “coordinated effort” to leak the comments made in the internal meetings.