Chipmaker Broadcom has disclosed that CEO Hock Tan’s annual compensation surged to $161.8 million in 2023, more than doubling from the previous year. This substantial increase was primarily driven by stock awards amounting to $160.5 million, Broadcom said in a filing with the Securities and Exchange Commission (SEC).
The compensation of Hock Tan in 2023 stands in stark contrast to the median salary of employees at the US-based chipset firm, coming in at a staggering 510 times higher. In comparison, his pay in 2022 totaled $60.6 million, including $53.9 million in stock awards, Reuters news report said.
The significant jump in Hock Tan’s compensation coincides with Broadcom’s completion of its $69 billion acquisition of cloud-computing firm VMware last year. This acquisition, which followed regulatory approval in key markets such as China, marked the conclusion of a months-long saga for the chipmaker.
Despite challenges posed by the acquisition process, Broadcom reported robust financial performance for the fiscal year 2023, with revenue reaching $35.82 billion.
