Space For Rent
Tuesday, February 9, 2016, Magh 27, 1422 BS, Rabius Sani 28, 1437 Hijri


Google boss becomes highest-paid in US
Observer Online Desk
Published :Tuesday, 9 February, 2016,  Time : 4:48 PM  View Count : 128
The chief executive of Google, Sundar Pichai, has been awarded $199m (£138m) in shares, a regulatory filing has revealed.

It makes him the highest-paid chief executive in the US.

Mr Pichai became chief executive of the search engine giant following the creation of its parent, Alphabet.

The founders of Google, Larry Page and Sergey Brin, have amassed fortunes of $34.6bn and $33.9bn, according to Forbes.

Mr Pichai was awarded 273,328 Alphabet shares on 3 February, worth a total of $199m, according to a filing with the US Securities and Exchange Commission.

The new award of shares takes Mr Pichai's total stock value to approximately $650m.

Mr Pichai's share award will vest incrementally each quarter until 2019. In other words, full control over the shares will pass to him on a gradual basis.

It comes at a time of heightened scrutiny of Google's tax affairs, following the company's deal with HM Revenue & Customs to pay back taxes dating from 2005.

The controversial tax deal was labelled derisory by Labour. Shadow Chancellor John McDonnell called for greater transparency, saying it looked like a "sweetheart deal".

"HMRC seems to have settled for a relatively small amount in comparison with the overall profits that are made by the company in this country. And some of the independent analysts have argued that it should be at least 10 times this amount," he said.

Critics say Google generated sales of £24bn ($34.6bn) in the UK between 2005 and 2014, with an estimated profit of about £7.2bn each year on those sales.

Last week, Alphabet - Google's parent company - surpassed Apple as the world's most valuable firm after it reported a profit of $4.9bn (£3.4bn) in the three months to the end of December, an increase from $4.7bn a year ago.

On an annual basis, Alphabet made $16.3bn, but the figures showed that the "Other Bets" business lost $3.6bn during the period, while Google's operating income rose to $23.4bn, as online advertising increased.

BBC/LY







Editor : Iqbal Sobhan Chowdhury
Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka. Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000. Phone :9586651-58. Fax: 9586659-60, Advertisemnet: 9513663, E-mail: [email protected], [email protected], [email protected]