Sundar Pichai is getting a hefty pay raise.
The new Alphabet chief executive officer will receive $240 million in stock awards over the next three years if he hits all of his performance targets, as well as a $2 million annual salary beginning in 2020, the firm said Friday in a filing.
If Alphabet shares outperform the S&P 100 Index, Pichai could receive an additional $90 million in stock grants. It’s the first time the company has bestowed performance-based stock awards.
Pichai, 47, was named to the top job this month after Google co-founders Larry Page and Sergey Brin stepped down as leaders of the Mountain View, Calif.-based firm.
Pichai is no stranger to massive compensation. The engineer received about $200 million in stock awards in 2016, which have since vested. Last year, he turned down a grant of restricted stock because he said he felt he was already paid generously, according to a person familiar with the decision.
His total compensation for 2018 was $1.9 million, according to the Bloomberg Pay Index.
