After informing employees last month that it would not automatically adjust wages for inflation, Google gives four of its top executives a significant pay raise, increasing their base salary from $ 650,000 to $ 1 million.
New compensation for CFO Ruth Porat; senior vice president Prabhakar Raghavan (in charge of Google search); senior vice president and commercial director Philipp Schindler; and Kent Walker, president of global affairs and general counsel, were disclosed in the company’s latest filing with the United States Securities Commission (SECOND).
“As of January 2022, base salaries for Porat, Raghavan, Schindler and Walker will increase from $ 650,000 to $ 1,000,000,” Google said on the file.
The four executives are eligible to “participate in a maximum annual bonus program of $ 2,000,000, based on contributions to Google’s performance against social and environmental goals for 2022,” according to the filing.
Each person also received stock awards with target values of several million dollars.
Porat will be granted a tranche of performance share units (“PSU”) with a target value of $ 5,000,000 and a tranche of restricted stock units (“RSU”) in the amount of 18 $ 000,000.
Raghavan will be awarded a tranche of PSUs with a target value of $ 12,000,000 and a tranche of PSUs in the amount of $ 23,000,000, according to the filing.
While Schindler will be awarded a tranche of PSUs with a target value of $ 12,000,000 and a tranche of PSUs in the amount of $ 23,000,000, Walker will be awarded a tranche of PSUs with a value of $ 12,000,000. target of $ 5,000,000 and a tranche of PSUs in the amount of $ 18,000,000.
The pay hike for top executives came as a senior Google executive said in December that the tech giant would not automatically adjust the salaries of all employees for inflation.
Google vice president of compensation Frank Wagner told employees at a meeting that the company “was not considering making any kind of general type of adjustment” when asked about the inflation rate in the United States, CNBC reported.
“Inflation seems to be a priority for a lot of people, and I think one of the reasons is that people are quite anxious to get their benefits,” Wagner replied to a question from Alphabet and CEO of Google Sundar pichai.
However, Google “will not introduce company-wide adjustments for inflation.”
“We do not intend to make any general type adjustment,” he said in the report.
In a statement, a spokesperson for the company said: “Employees receive bonuses and equity as part of their total compensation, which also includes generous benefits and flexibility.”
Google’s parent company, Alphabet, has more than 150,000 full-time employees worldwide and has seen both revenue and inventory reach record levels in the past year.