Microsoft CEO Compensation Surge

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

Stock awards for Nadella, who earned $48.5 million in 2023, rose to about $71 million from $39 million the previous year.

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

Supported by its investment in ChatGPT maker OpenAI, Microsoft is widely perceived as a leading contender in the race for market dominance in generative artificial intelligence (AI) among other tech giants.

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

Among other high-profile tech executives, Apple (NASDAQ:AAPL)'s CEO Tim Cook earned $63.2 million in 2023, while AI-chip giant Nvidia (NASDAQ:NVDA)'s CEO Jensen Huang received $34.2 million in fiscal 2024.