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Google CEO Pichai receives record US$199m stock grant

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Google Inc's Sundar Pichai is poised to become one of the highest-paid executives of a publicly traded company this year after parent Alphabet Inc awarded him restricted stock worth about US$199 million.

[NEW YORK] Google Inc's Sundar Pichai is poised to become one of the highest-paid executives of a publicly traded company this year after parent Alphabet Inc awarded him restricted stock worth about US$199 million.

Pichai, who is Google's chief executive officer, received 273,328 Class C shares on Feb 3 that will vest in quarterly increments through 2019 if he remains on the job, according to a filing Friday from the Mountain View, California-based company.

Pichai, the former deputy of Google co-founder Larry Page, was named to run the search engine unit following the reorganization into holding company Alphabet last year. The award is the biggest ever given to a Google executive officer whose equity grants have to be reported in filings, according to data compiled by Bloomberg. It is Pichai's first award since taking over the company's highest-grossing unit.

Alphabet also awarded US$42.8 million in restricted stock to Diane Greene, a co-founder and former CEO of software maker VMware Inc, who's led Google's cloud business since November. Greene received equity worth US$148 million last year after Google acquired tech company Bebop Technologies Inc, which she founded.

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Chief Financial Officer Ruth Porat, who joined from Morgan Stanley last year, received equity worth US$38.3 million that will vest under the same conditions as Pichai's award, a filing shows.

An Alphabet spokesman didn't immediately respond to a request for comment.

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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