Alphabet, the parent company of Google, has approved a new compensation package for its chief executive, Sundar Pichai, that could be worth as much as six hundred and ninety-two million dollars over the next three years.

The compensation structure was revealed in a regulatory filing outlining the company’s executive pay plan.

The package includes a large portion of performance-based stock incentives tied to the progress of several advanced technology initiatives within the company.

These include the development of autonomous vehicle technology through Waymo and drone delivery operations under the Wing project.

Despite leading one of the world’s most influential technology companies, Pichai generally attracts less public attention than Google’s co-founders, Larry Page and Sergey Brin.

In recent months, the two billionaires have drawn headlines for major property purchases in Miami.

The acquisitions are widely viewed as a response to California’s proposed Billionaire Tax Act, a ballot initiative targeting extremely wealthy residents with a one-time tax on net worth exceeding one billion dollars.

Reports indicate that Page recently spent more than one hundred and seventy-three million dollars on two luxury properties in Coconut Grove, Florida.

Pichai, however, is believed to remain based in Los Altos, California. Since he became chief executive in 2015, Google’s market value has increased dramatically, making the shares he accumulated during that period extremely valuable.

Source: TechCrunch