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By Matthew Quinn
Patrick Pichette, Google's CFO since August 2008, scored a major payday last year, receiving total compensation of $24.7 million, according to the company's annual proxy filing.
The biggest portion of Pichette's pay came in the form of stock and option awards, which totaled $21.7 million. He was paid a salary of $450,000 and received a bonus of roughly $500,000. He also received non-equity incentive plan compensation of $2 million.
"To increase Patrick's ownership in Google and to recognize the immediate contribution he has made upon joining as our CFO, we granted him equity awards equal to twice that of other named executive officers at the time," Google said in the filing.
In total, Pichette was granted 34,138 stock units and 68,276 options. Google said that going forward it intends to grant stock options and stock units in the ratio of two stock options for each stock unit every two years. This will "provide our named executive officers with larger grants every other year as opposed to smaller annual grants."
The 46-year-old Pichette earned total compensation of $7.6 million in 2008.
He joined Google from Bell Canada, where he was most recently president of operations. He had served as CFO at the telecom company from 2002 until the end of 2003.
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