Sundar Pichai announces $120 million ‘Global AI Opportunity Fund’
Alphabet and Google CEO Sundar Pichai has announced a $120 million ‘Global AI Opportunity Fund’ at the UN Summit of the Future in the US.
After receiving a lifetime promotion, Alphabet and Google CEO Sundar Pichai, is now being rewarded with a $240 million stock package ($90 million of it tied to Alphabet’s performance) on top of a $2 million annual salary to take effect in 2020.
The compensation package is being given in recognition of Pichai’s “expanded role as CEO of Alphabet and Google”. The stock package is tied to the performance metrics and will be paid over the course in a period of three years.
According to a report on Bloomberg, Pichai could make an additional $90 million pending Alphabet’s share performance in relation to the S&P100 Index. It is the first time when company has granted performance-based stock grants.
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Signalling the end of an era, Google co-founders Larry Page and Sergey Brin decided to relinquish their current positions in the parent company Alphabet earlier this month, making India-born Pichai the CEO of both Google and Alphabet. Page and Brin will continue their involvement as co-founders, shareholders and members of Alphabet”s Board of Directors.
Pichai joined Google in 2004 and helped lead the development of Google Toolbar and then Google Chrome, which grew to become the world’s most popular internet browser.
In August 2015, Pichai became Google’s CEO. He joined the Board of Directors of Alphabet, Google’s parent company, in July 2017. Under his leadership as CEO, Google has been focused on developing products and services, powered by the latest advances in AI.
(With input from agencies)
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