New York(CNN) Google’s prime government took dwelling fairly a bit of cash final yr.
Sundar Pichai, the CEO of Google and Google’s mother or father firm Alphabet, made practically $226 million in 2022, in line with a brand new submitting from Alphabet.
The vast majority of the pay got here from inventory holdings, valued at greater than $218 million. The remainder of the compensation got here from a $2 million base wage and greater than $5 million for a personal safety element.
It’s a large increase for Pichai, who made simply over $6 million in 2021 and $7.4 million in 2020.
Pichai’s inventory boosts come each three years, in 2019 he acquired an identical package deal of $281 million.
Alphabet inventory, in the meantime, fell by 39% in 2022 amid a broader tech and market slowdown. Shares have rebounded this yr, shifting up about 19.5% since January.
Different prime executives additionally acquired wholesome paychecks in 2022, although nowhere close to as massive as Pichai’s. Prabhakar Raghavan, senior vice chairman of data and data at Google and Philipp Schindler, Google’s chief enterprise officer, every made $37 million. Google and Alphabet CFO Ruth Porat and Kent Walker, chief authorized officer, each made about $24.5 million.
In January, Alphabet introduced it will reduce 12,000 jobs amounting to a 6% reduce in its whole workforce. The median compensation for an Alphabet worker is just below $280,000, in line with the submitting. It means Pichai’s wage is greater than 800 occasions bigger.
Somebody making the $15.50 minimal wage in Alphabet’s dwelling state of California must work 14.6 million hours, or simply over 7000 years (with 40 hour work weeks and no time without work) to meet up with Pichai’s 2022 wage.
Ballooning CEO compensation has been a controversial subject lately.
Pay for prime executives has skyrocketed by 1460% since 1978 in line with a research by the Financial Coverage Institute, and greater than 80% of their pay is usually stock-related.
“This escalation of CEO compensation and of government compensation extra typically has fueled the expansion of prime 1% and prime 0.1% incomes, leaving fewer of the positive factors of financial development for atypical employees and widening the hole between very excessive earners and the underside 90%,” wrote analysts on the institute. “The economic system would undergo no hurt if CEOs had been paid much less (or had been taxed extra).”
Apple CEO Tim Prepare dinner reduce his personal 2023 pay by 40% after drawing criticism from shareholders for incomes $100 million in 2022 and 2021.
The overwhelming majority of Prepare dinner’s 2022 compensation — about 75% — was tied up in firm shares, with half depending on share worth efficiency.
Shareholders voted in opposition to Prepare dinner’s pay package deal after Apple’s inventory fell practically 27% final yr. The vote is nonbinding, however the board’s compensation committee mentioned Prepare dinner requested the discount.
“The compensation committee balanced shareholder suggestions, Apple’s distinctive efficiency, and a advice from Mr. Prepare dinner to regulate his compensation in gentle of the suggestions acquired,” the corporate mentioned in its annual proxy assertion launched Thursday.