Broadcom More Than Doubles CEO Hock Tan's FY23 Compensation To $161.83 Mln

(RTTNews) - Broadcom Inc. (AVGO), in a filing with the U.S. Securities And Exchange Commission, on Monday announced that President and Chief Executive Officer Hock Tan's compensation for fiscal 2023 has more than doubled from last year.

In 2023, total compensation was $161.83 million, significantly higher than prior year's $60.61 million. The latest pay included stock awards of $160.54 million, compared to prior year's $53.91 million.

In the filing, the company said to retain and motivate Tan, the Board granted performance stock unit or PSU awards in fiscal 2023 that require achievement of formidable stock price performance hurdles and continued service over a five-year vesting period.

The increase comes as Broadcom in 2023 generated record revenue, operating income and free cash flow, as it expands its footprint in generative AI, continued expansion of infrastructure software business, and growth of semiconductor solutions business, despite the cyclical slowdown in the semiconductor industry.

The company said its stockholders acknowledged executive officers' extraordinary performance in growing stockholder value. Broadcom noted that from its initial public offering in 2009 through fiscal 2023, it has increased market capitalization value from $3.8 billion to $346.0 billion.

The company said that Tan's fiscal 2023 PSU award was front-loaded to cover the market-based value of both his annual cash and long-term incentive opportunities over a period of five years.