Google says it won’t adjust salaries for inflation only to raise exec pay to $1 million
Google has grown considerably from its humble beginnings in a garage in Menlo Park in 1998, to the massive Googleplex campus Alphabet now occupies in Mountain View. Following the credo of Don’t Be Evil, Google’s success has historically been shared with its employees. Last month, Google employees got a shock when, at a company-wide meeting, they were informed that there would beno across-the-board changes in payto compensate for thehighest inflation rate in over 30 years. As if to add insult to injury, it turns out they’re being denied that while at the same time four of Google’s top executives are having their annual payincreasedto $1 million each.
The news comes to us from anSEC filingwhere the details of the generous new compensation package are laid out (spotted byThe Verge). The four executives in question are Ruth Porat, the CFO of Alphabet and Google; Prabhakar Raghavan, a Senior VP at Google; Philipp Schindler, Google’s CBO; and Kent Walker, Senior VP of Global Affairs and Chief Legal Officer for Google and Alphabet. In addition to the raises, they received over $20 million in stock awards and are eligible for a bonus of up to $2 million this year based on social and environmental goals.
Google’s Vice President of Compensation, Frank Wagner,told employeesthat the company will be focusing on performance-based raises this year instead of a cost-of-living adjustment. In light of that, it shouldn’t be a surprise that these executives are getting a raise: Google’s hadrecord-breaking profitsfor the past five financial quarters and its stock value hasincreased over 65%in the last year. We just hope to see some more of those gains trickle down to all the other very deserving employees.
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