MALAYSIAN-born Broadcom Inc CEO Hock Tan has been recognised as the highest paid CEO in the US for 2023, surpassing notable figures such as Meta’s Mark Zuckerberg, Apple’s Tim Cook, and Tesla’s Elon Musk.
This information comes from a Wall Street Journal (WSJ) analysis reported by the South China Morning Post.
Tan’s compensation package for 2023 was an impressive $162 mil. This isn’t the first time he has led the list; he was also the highest paid CEO in 2017 with a compensation of $103 mil, while serving in the same role at Broadcom.
However, the WSJ notes that Tan’s full compensation is contingent on several conditions. To receive the total amount, Broadcom’s stock must reach a specific level by 2025, and Tan must remain as CEO for an additional five years. During this period, he will not receive any further equity or cash bonuses.
Under Tan’s leadership since 2006, Broadcom has seen significant growth. The company’s total market capitalisation stands at $655 bil, with its shares appreciating by 106% over the past year.
Tan has been a US citizen since 1990, further highlighting his long-standing ties to the country. – May 22, 2024
