Alphabet CEO Sundar Pichai awarded $242 million pay package

The new Alphabet Inc. 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. 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.

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Sundar Pichai took $120 million and $30 million tied to performance but subject to his continued employment. Google co-founders Larry Page and Sergey Brin decided to relinquish their current positions in the parent company Alphabet earlier this month. He will continue their involvement as co-founders, shareholders and members of Alphabet’s board of directors.