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Google’s parent company Alphabet has paid tens of millions of dollars in stock dividends to four executives in 2023 based on their performance in the public markets.
Google has awarded President and Chief Financial Officer Ruth Porat, Senior Vice President Prabhakar Raghavan, Chief Business Officer Philipp Schindler, and General Counsel Kent Walker shares based on the company’s performance. Announced that the maximum number of units has been awarded. Regulatory filings last week.
Last year’s base salaries for the four executives remained at $1 million, and each received $1.5 million in bonuses. The executives also receive millions of dollars worth of performance and restricted stock units, with vesting times that vary and depend on whether the executives stay put.
Executive stock-based compensation is based on Google’s performance relative to the S&P 100 and ranges from 0% to 200% of the target number of shares.
The 200% stock dividend increases Porat and Walker’s total compensation in 2023 to $23 million each. Raghavan and Schindler each received $35 million in stock equivalent compensation, according to the filing.
Executive compensation was approved in early February after a tumultuous year for the company.
The tech giant has laid off 12,000 people, or 6% of its workforce, so far last year, and has threatened to lay off even more workers in 2024.
“We have ambitious goals and will invest in big priorities this year. The reality is that we have to make difficult choices to create the capacity for this investment,” said CEO Sundar Pichai. stated in an internal memo in January.
BI reported in January that internal sentiment has worsened due to job cuts and reductions in major projects. The company’s management faced strong backlash from some employees, who publicly expressed their outrage over the firings on LinkedIn and Twitter.
of the alphabet stock Last year it increased by 55%.