Google has awarded Chief Executive Officer Sundar Pichai a new compensation package worth up to $692 million, the company announced.

The majority of the compensation is performance-based, meaning Pichai will only receive the full amount if the company meets specific targets and milestones. The package includes stock incentives that are linked to the performance of Google's autonomous vehicle unit Waymo and its drone delivery venture Wing.

This compensation structure ties Pichai's pay directly to the success of Google's emerging technology divisions, reflecting the company's strategic focus on expanding beyond its core search and advertising business. Both Waymo and Wing represent significant long-term investments for Google's parent company Alphabet.

The announcement comes as Google continues to compete in rapidly evolving technology sectors, including artificial intelligence, autonomous vehicles, and logistics. Performance-based executive compensation has become increasingly common among major technology companies as boards seek to align leadership incentives with shareholder returns and strategic objectives.