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Google CEO Sundar Pichai just got a huge payday
The closing price for the stock on this day was $726.95. While the first of these stock allotments to Mr. Schmidt took place back in 2011, the second transaction happened in 2014.
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With the move, Pichai is likely to become one of the highest-paid executives of publicly-traded U.S. firm this year.
Alphabet also awarded $42.8 million in restricted stock to Diane Greene who now runs Google’s cloud business.
Mr Pichai was given 273,328 Alphabet shares on 3 February, worth a filing with the US Securities and Exchange Commission. RBC Capital restated an “outperform” rating and issued a $880.00 price objective on shares of Alphabet in a research note on Tuesday, December 1st.
As part of a major overhaul of its operating structure, Google created the new holding company -Alphabet. A previous stock award granted before he was promoted to CEO of Google vests in 2018 and is now worth some $250 million. Google typically grants equity awards to executives once every two years, a strategy it has said “encourages executives to take a long-term view of the business”.
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The grant lifts the value of Pichai’s equity stake in Alphabet to more than $600 million. Instead names that came up as potential future Google chiefs included longtime product executives Salar Kamangar, Marissa Mayer and Susan Wojcicki. Ruth Porat, Alphabet’s chief financial officer, was handed shares worth about m. The institutional investor owned 34,351 shares of the company’s stock after buying an additional 630 shares during the period.