FILE PHOTO: Executive Chairman and CEO of Microsoft Corporation Satya Nadella attends a session during the 54th annual meeting of the World Economic Forum in Davos, Switzerland, January 16, 2024. REUTERS/Denis Balibouse/File Photo
(Reuters) - Microsoft 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's CEO Tim Cook earned $63.2 million in 2023.
AI-chip giant Nvidia's CEO Jensen Huang's payout was $34.2 million in fiscal 2024.
(Reporting by Sourasis Bose in Bengaluru; Editing by Sriraj Kalluvila)
