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(Bloomberg) — Broadcom CEO Hock Tan’s annual compensation will more than double from last year to $100 million, thanks to $160.5 million in stock awards that vest over the next five years. The total amount was 61.8 million dollars.
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Tan’s salary remained at $1.2 million in 2023, but his total compensation increased by 167% due to stock-based compensation, according to Monday’s regulatory filing. He received no non-stock incentive compensation, which amounted to $5.4 million a year ago.
Broadcom said the performance-based awards were “front-loaded” to cover a five-year period. During that vesting period, the Palo Alto, Calif.-based company will not award him any additional annual stock awards.
“The independent directors believe that Mr. Tan has been and continues to be the primary driving force behind Broadcom’s transformation from a semiconductor company to a leading infrastructure technology company,” the filing said.
Tan has used acquisitions to diversify Broadcom’s business, including the deal with VMware Inc. that closed in November. He previously acquired CA Technologies and Symantec Corp.’s enterprise security businesses to enhance Broadcom’s software and services.
Charlie Kawas, head of Broadcom’s semiconductor group, received a similar award of $48.2 million in 2023. His total compensation for 2023 will be $49.7 million, up from just $2.3 million the year before.
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