Chief executives of the top-10 tech companies have witnessed a 400 per cent hike in bonuses during the pandemic between 2020 and 2021, but Google CEO Sundar Pichai saw a drop of 14 per cent in bonus during the same period, according to a report. Broadcom’s Tan Hock Eng was the highest gainer by a whopping 1,586 per cent from USD 3.6 million to USD 60.7 million, according to a report.
“Although the increase in bonuses might be a direct impact of the tech sector’s performance in the last two years, the standard justification for allocating high perks is to retain talent amid the pandemic,” financial news portal Finbold said in the report.
The top-five executives getting bonuses were Broadcom’s Tan Hock Eng, Oracle’s Safra Ada Catz, Intel CEO Pat Gelsinger, Apple’s Tim Cook and Amazon’s Andy Jassy.
Oracle’s Safra Ada Catz ranked the second-highest, with her compensation growing 999 per cent. “With the tech sector registering significant returns amid the coronavirus pandemic, the industry’s executives are also ranking high in compensation,” the report said.
Intel CEO Pat Gelsinger was third with 713.64 per cent gains — from USD 22 million to USD 179 million, followed by Apple’s Tim Cook, who recorded a bonus surge of 571.63 per cent — from USD 14.7 million to USD 98.7 million. Amazon’s Andy Jassy finished the top-five category with gains of 491.9 per cent, from USD 35.8 million to USD 211.9 million.
Moreover, Nvidia’s Jensen Huang got 52.17 per cent jump in bonuses, Cisco’s Chuck Robbins received 9.48 per cent, and Meta’s Mark Zuckerberg got 5.93 per cent rose. Netflix CEO Reed Hastings saw a fall in compensation by 19.68 per cent — from USD 43.2 million to USD 34.7 million and Pichai from Alphabet (Google) recorded a drop of 14 per cent.
In total, USD 721.13 million was the combined compensation of the selected executives for 2021, a jump of 210.88 per cent as compared with USD 231.96 million in 2020.
Apple CEO Tim Cook also joined the billionaire club a full decade after he succeeded Steve Jobs as the chief executive of the world’s most-valuable tech company. Cook got about USD 100 million in compensation during 2021 — USD 98.73 million, to be exact — according to Apple’s annual proxy filing with the Securities and Exchange Commission filed on Thursday.
Google CEO Sundar Pichai saw a drop of 14 per cent in bonus during the pandemic years of 2020 and 2021. Pichai was granted a stock package of Rs 1,707 crore (USD 240 million) alongside a Rs 14-crore (USD 2 million) annual salary effective 2020, as part of his recent elevation to the role of Alphabet CEO, according to filings. He also received Rs 640 crore (USD 90 million) in performance-based stock units. His compensation in 2018 was nearly Rs 13.3 crore (USD 1.9 million).
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