Microsoft CEO Nadella’s 2024 pay rose 63% to $79 million on stock awards

(Reuters) – Microsoft (NASDAQ:) CEO Satya Nadella’s fiscal 2024 compensation surged 63% to $79.1 million, according to a filing on Thursday, helped by his stock awards in a year when the tech behemoth’s market value breached $3 trillion.

Stock awards for Nadella, who earned $48.5 million in 2023, climbed to about $71 million from $39 million a year earlier.

Microsoft’s shares had gained about 31.2% during the fiscal year ended June 30, 2024.

Backed by its investment in ChatGPT maker OpenAI, Microsoft is widely seen as a frontrunner in the race for market dominance in the rollout of generative artificial intelligence (AI) among other tech heavyweights.

However, Nadella’s cash incentive of $5.2 million was less than the $10.7 million he was eligible for as he asked for a reduction following multiple cybersecurity breaches reported during the fiscal year, according to the filing.

Among other high-profile tech bosses, Apple (NASDAQ:)’s CEO Tim Cook earned $63.2 million in 2023.

AI-chip giant Nvidia (NASDAQ:)’s CEO Jensen Huang’s payout was $34.2 million in fiscal 2024.