Google has approved a new three-year compensation package for CEO Sundar Pichai valued at up to $692 million, making him one of the highest-paid executives globally. The package includes performance stock units worth $126 million that could double if Alphabet outperforms the S&P 100, plus $84 million in restricted stock and a $2 million annual salary.

Pichai will receive additional stock incentives worth up to $350 million tied to the growth of Alphabet's Waymo autonomous vehicle and Wing drone delivery businesses. This brings his total maximum potential payout to $692 million, with a baseline of $391 million in stock and salary. For comparison, Microsoft's Satya Nadella earned $96.5 million and Apple's Tim Cook $74.3 million in their most recent compensation periods.

The substantial compensation reflects Pichai's track record of growing Alphabet's market capitalization almost sevenfold since becoming CEO in 2015. Despite criticism for slow AI adoption, Pichai has since advanced Google's AI capabilities and navigated antitrust cases. His package includes stock awards that could further boost his wealth beyond his current estimated $498 million in Google shares.