World’s leading Internet search engine Google Inc. has increased the stock grants and bonuses of its leading executives by more than 80 percent.
The pay boost will result in some of the senior management in the company earning more than a $1 million per year in additional pay based on the condition that key performing targets are met.
Chief Financial Officer Patrick Pichette and Nikesh Arora, head of global sales, will each be rewarded $20 million in equity distribution by the Mountain View, Calif.-based company. Alan Eustace, senior vice president of Engineering and Research, will have his earnings enhanced by $10 million and Jonathan Rosenberg, senior vice president of Product Management, will be compensated an extra $5 million.
The announcement of the remuneration incentive was prompted after the Internet search giant provided an overall pay raise of 10 percent for all company staff. Moreover, stock awards to executive officers will be given annually going forward. This reaction is likely related to competitive forces such as Facebook Inc., the popular Internet social media platform, which has opted for a hiring spree to optimize its functionality and expand its market.
The overhaul of pay practices is also a response to U.S. regulation preventing Silicon Valley technology companies from head hunting staff from competitors. The U.S. Department of Justice reached a settlement with Google, Apple, Adobe, Intel, and Intuit with different individual agreements between the companies.
The pay boost will result in some of the senior management in the company earning more than a $1 million per year in additional pay based on the condition that key performing targets are met.
Chief Financial Officer Patrick Pichette and Nikesh Arora, head of global sales, will each be rewarded $20 million in equity distribution by the Mountain View, Calif.-based company. Alan Eustace, senior vice president of Engineering and Research, will have his earnings enhanced by $10 million and Jonathan Rosenberg, senior vice president of Product Management, will be compensated an extra $5 million.
The announcement of the remuneration incentive was prompted after the Internet search giant provided an overall pay raise of 10 percent for all company staff. Moreover, stock awards to executive officers will be given annually going forward. This reaction is likely related to competitive forces such as Facebook Inc., the popular Internet social media platform, which has opted for a hiring spree to optimize its functionality and expand its market.
The overhaul of pay practices is also a response to U.S. regulation preventing Silicon Valley technology companies from head hunting staff from competitors. The U.S. Department of Justice reached a settlement with Google, Apple, Adobe, Intel, and Intuit with different individual agreements between the companies.
