Sundar Pichai, Indian born chief executive officer of Google, is expected to cash in over Rs 2,500 crore ($380 million) this week. According to reports, 45-year-old Pichai, an IIT Kharagpur alumnus born in Chennai, had received 353,939 restricted shares before a promotion in 2014, which he is set to obtain this week.
The news has come amid strong performance by Google’s parent company Alphabet. Beating the forecast the company has registered an increase in quarterly profits. Profit in the last quarter of financial year 2018 jumped by 70 percent from a year ago to $9.4 billion, Alphabet said in an earnings report.
Google has not yet shared Pichai’s compensation for 2017. Alphabet’s stocks have jumped by 90 percent since Pichai has got them. Alphabet shares, however, dipped following the release of the earnings report as there were concerns about its growing costs.
The results have come in the middle of news how data is protected following the sharing of private data of millions of Facebook users.
As Google’s CEO, Pichai is responsible for Google’s product development and technology strategy, as well as the company’s day-to-day-operations. Pichai joined Google in 2004 and lead the development of key consumer products. In 2014, he took over product, engineering, and research efforts for all of Google’s products and platforms.
Last year, Pichai got appointed to the board of directors of Alphabet. Larry Page, CEO of California-based US multinational conglomerate Alphabet, said, “Sundar has been doing a great job as Google’s CEO, driving strong growth, partnerships, and tremendous product innovation. I really enjoy working with him and I am excited that he is joining the Alphabet board.”
With inputs from PTI