New York, April 29, 2017: Google’s India-born CEO Sundar Pichai received a stock award of $198.7 million in 2016, almost double his 2015 stock award of $99.8 million, a media report said.
That brought his total compensation in 2016 to $199.7 million, almost twice the $100.6 million he earned in 2015.
Pichai received a salary of $650,000 in 2016, slightly less than the $652,500 he earned in 2015, CNBC reported on Friday.
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Pichai’s massive pay package came even as his two bosses and Google co-founders Larry Page and Sergey Brin, once again drew salaries of only one dollar for their roles as CEO and President, respectively, of parent company Alphabet.
But Page and Brin are each worth more than $40 billion through their stock holdings.
According to the report, Pichai’s raise came during a year when Google’s sales rose 22.5 per cent and net income rose 19 per cent as it maintained its position as the top seller of internet advertising. (IANS)
New Delhi, Sep 20, 2017: A day after Google launched its new digital payment app “Tez” in India, the company’s Indian-born CEO Sundar Pichai on Tuesday tweeted it will help India move closer to digital transformation.
“We hope that the launch of @TezByGoogle will help take India one step closer to your vision of @_DigitalIndia,” Pichai tweeted.
Finance Minister Arun Jaitley who launched the app here had said the idea of “Tez” was discussed by Pichai in January, just after demonetisation.
“Google saw a great potential in Indian economy and businesses,” Jaitley said, adding that Google’s new digital payments app over the next few months was likely to make major advances in digital transaction volumes.
Built on the Indian government-supported Unified Payments Interface (UPI), Tez allows users, free of charge, to make small or big payments straight from their bank accounts.
The app was built for India, working on the vast majority of the country’s smartphones and available in English and seven Indian languages (Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu).
The app works in partnership with four Banks — Axis Bank, HDFC Bank, ICICI Bank and State Bank of India — to facilitate the processing of payments across over 50 UPI-enabled banks.
According to D D Mishra, Research Director, Gartner, Tez provides promising features which are in-line with the requirements.
“It is too early to say whether it can be a game changer as evolution in this business is going to continue, but yes it has the capabilities to bring some disruption as of now,” Mishra said in a statement.
Moreover, Google’s information about an individual’s preferences can play a good role in enabling the business to know their preferences and provide offers with interesting options.
“The mobile wallet industry too is evolving and we are at an interesting stage in this competition. Eventually, UPI payments will have an upper hand if it continues to remain free and provide better security, convenience and add more Value Added Services,” Mishra informed. (IANS)
Indians have contributed to growth of iconic business firms like Sun Microsystems, Hotmail and some of them have turned into biggest entrepreneurs and job creators
There are many Indian-origin leaders who have become household names today like Indra Nooyi (Pepsi), Shantanu Narayen (Adobe), Satya Nadella (Microsoft), Sundar Pichai (Google)
Hotmail.com founder Sabeer Bhatia, the company was founded in the year 1996
New Delhi, August 21, 2017: Indians are facing accusations from Americans that they are snatching away American jobs, but it’s not the case. There is an Indian- American venture capital firm called Inventus Capital Partners which is trying to throw some light on the contributions Indians have made in the growth of Silicon Valley.
Indians are stereotypically viewed as a source of cheap labor in US Technology Industry but they are much more than that. Case in point is over the last 10-20 years, Indians have contributed to the growth of iconic business firms like Sun Microsystems, Hotmail and some of them have turned into biggest entrepreneurs and job creators instead of being just job seekers.
As per a report from July, Director of Inventus Capital Partners- Manu Rekhi, the company operates from Bengaluru and San Mateo, California, he observed how Indians have left a mark in the American entrepreneurial space.
There are many Indian-origin leaders who have become household names today like Indra Nooyi (Pepsi), Shantanu Narayen (Adobe), Satya Nadella (Microsoft), Sundar Pichai (Google). But these success stories were due to decades of hard work.
In the early 1980’s, arrived in the US the first generation of Indian entrepreneurs. According to Quartz report, Manu Rekhi said, “Among these legends was Kanwal Rekhi (my partner) along with Vinod Khosla, Naren Gupta, Prabhu Goel, Suhas Patil, and many others, who went on to finding notable companies like Sun Microsystems (acquired by Oracle), Excelan, and Cirrus Logic.”
When the early entrepreneurs moved to America global exposure was very limited and also their understanding of consumer behavior of the people in the US was also limited. That is the reason they founded engineering- heavy systems and networking companies instead of going for consumer facing ones.
Slowly, with time more Indian tried their hands at launching new ventures and also US doors opened for foreign students, thus Indian entrepreneurs turned their focus from enterprise to consumer- oriented companies. One prime example of this is Hotmail.com founder Sabeer Bhatia, the company was founded in the year 1996. Sabeer Bhatia is a BITS Pilani graduate, did masters from Stanford University and has worked for Apple before launching his maiden email service.
The 1990s was also the year in which the Indian-origin leaders were also mentors in the Silicon Valley. Case in point is BV Jagadeesh who is a Serial Entrepreneur and Venture Capitalist. Jagdeesh helped to raise the seed money for Netscaler, a San Jose based company. He later went on to become its President and also CEO by the year 2000. Currently, Jagadeesh is a managing partner at KAAJ Ventures, it makes early stage investments in startups, and he is also an adjunct professor at Santa Clara University, takes classes on early-stage startups and valuation. Ram Shriram is a Venture Capitalist, a founding board member and is one of the first investors in Google. His stake in the company was $ 1.3 billion in the mid-2000, he also mentors budding startups.
Rekhi said that later companies of Indian entrepreneurs shifted towards technologies which were more advanced.For example, Jyoti Bansal started App Dynamics, a management and operations analytics firm, which was later acquired by Cisco for $3.7 billion on 22 March 2017. Dheeraj Pandey, Indian Institute of Technology (IIT) Kanpur alumni owns Nutanix, a cloud-computing software company. In 2016, it had a multi- billion dollar initial public offering. Manish Chandra who is the CEO, Poshmark, which is the social fashion marketplace. Chandra created a product which would be “unheard of 20 years ago,” Rekhi said.
For example, Jyoti Bansal started App Dynamics, a management and operations analytics firm, which was later acquired by Cisco for $3.7 billion on 22 March 2017. Dheeraj Pandey, Indian Institute of Technology (IIT) Kanpur alumni owns Nutanix, a cloud-computing software company. In 2016, it had a multi- billion-dollar initial public offering. Manish Chandra who is the CEO, Poshmark, which is the social fashion marketplace. Chandra created a product which would be “unheard of 20 years ago,” Rekhi said.
Indians are less than 1% in the total US population, but still by 2012 they founded 8% of all the American tech & engineering startups. The group has started one-third of the immigrant-founded startups in the US. The firms which they have founded also provide great acquisition opportunities and also made high-value public debuts, Rekhi said, mentions Quartz report.
The first Indian-American founder led company- Nasdaq IPO (Initial Public Offering) opened its doors in 1987 with Excelan going public, but the pickup in big-value exists came only in recent times.
In the last 5 years, the software and services sector, which has 17 companies, tops the list of IPOs owned by Indian founders and co-founders and has a combined market Capital of amount $26.2 billion. The second in the list were Pharmaceuticals, biotechnology, and life sciences in terms of the number of IPOs (six). But, the retail industry saw a much larger market Capital of as much as $6.67 billion, in comparison to Pharmaceuticals, it was $397 million. 10 of these 34 companies that make approximately 29% were acquired following their stock-market debut.
According to Quartz report, Rekhi said: “Even before the turn of the millennium, companies like IBM and Intel had been making acquisitions, but mostly of outsourcing services companies where you’re basically buying manpower.”
But between 2012 and 2017, more than 25 companies by Indian-origin entrepreneurs saw mergers and acquisitions worth- $500 million and more, Rekhi found.
Rekhi noted, “Topping that list is Western Digital’s acquisition of SanDisk, worth a whopping $19 billion, followed by several acquisitions from Cisco, HPE, and SAP.”
Today, 14 of the 261 unicorns are headed by Indian-origin founders (private companies valued at over $1 billion) in the US. These 14 startups, when taken together have a combined value of $35.17 billion and funding of $81.8 billion, with the IT industry taking the lead, according to Rekhi.
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Pichai emphasised the importance of engineers “building products for everyone in the world”
Pichai earlier said parts of the 3,300-word manifesto crossed the line by “advancing harmful gender stereotypes” in the workplace
Danielle Brown, Google’s new Vice President of Diversity, Integrity and Governance, also issued a statement to Google employees in response to the viral memo
San Francisco, August 11, 2017: After reportedly cancelling a town hall meeting to allay fears over an anti-diversity manifesto, Google’s Indian-born CEO Sundar Pichai finally addressed a coding event for girls on the sprawling campus at Mountain View, California.
“I want you to know there’s a place for you in this industry. There’s a place for you at Google. Don’t let anyone tell you otherwise. You belong here, and we need you,” said a report in The Verge on Friday, quoting Pichai.
The town hall meeting late on Thursday was cancelled, according to Recode, after some employees reportedly expressed the fear that they would be targets of online harassment if they speak up and ask questions in the meeting.
Pichai, however, emphasised the importance of engineers “building products for everyone in the world”.
“I think to do that well we really need to have people internally who represent the world in totality. And that’s how we think about it. So it’s really important that more women and girls have the opportunity to participate in technology, to learn how to code, create, and innovate,” Pichai told the audience.
“I was surprised to find the girls here represent more than 100 countries from around the world. I think they’ve been chosen from over 11,000 girls. I think my job sometimes is hard, but I can’t even imagine the judges who had to choose from all those wonderful, wonderful participants to get the winners here,” he added.
His views are crucial at a time when an anti-diversity manifesto, written by a Google software engineer James Damore, which claimed that “the representation gap between men and women in software engineering persists because of biological differences between the two sexes”.
Pichai cut his vacation short to deal with the crisis over the manifesto that went viral inside the company and infuriated thousands of employees.
Damore has since been fired from Google.
Pichai earlier said parts of the 3,300-word manifesto crossed the line by “advancing harmful gender stereotypes” in the workplace.
“Our job is to build great products for users that make a difference in their lives,” Pichai wrote in an earlier email.
“To suggest a group of our colleagues have traits that make them less biologically suited to that work is offensive and not OK. Clearly there’s a lot more to discuss as a group, including how we create a more inclusive environment for all,” Pichai added.
Danielle Brown, Google’s new Vice President of Diversity, Integrity and Governance, also issued a statement to Google employees in response to the viral memo.
“I value diversity and inclusion, am not denying that sexism exists, and don’t endorse using stereotypes. When addressing the gap in representation in the population, we need to look at population level differences in distributions,” she said.
“Psychological safety is built on mutual respect and acceptance, but unfortunately, our culture of shaming and misrepresentation is disrespectful and unaccepting of anyone outside its echo chamber,” Brown added.
Brown also thanked her fellow Googlers for bringing up the issue and vouched for a need to change.(IANS)