Anat Ashkenazi
Senior Vice President, Chief Financial Officer at GOOGL
Executive
About Anat Ashkenazi
Anat Ashkenazi is Senior Vice President and Chief Financial Officer of Alphabet and Google, effective July 31, 2024; she is 51 years old and holds an MBA from Tel Aviv University and a BA in economics and business administration from the Hebrew University . She spent over 23 years at Eli Lilly across finance, strategy, and operations, including serving as Executive Vice President and CFO and divisional CFO roles in Oncology, Diabetes, Global Manufacturing & Quality, and R&D . Her compensation is heavily equity-linked, with PSUs tied 100% to Alphabet’s TSR relative to the S&P 100 and a payout range of 0–200% of target, aligning pay with shareholder outcomes; recent TSR calibrations used for PSU certifications include 85.75% (2-year, 200% payout for CEO) and 22.55% (3-year, ~99% payout for other NEOs) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Eli Lilly and Company | Executive Vice President & Chief Financial Officer | 2001–2024 (various roles) | Led enterprise finance; divisional CFO roles across Oncology, Diabetes, Global Manufacturing & Quality, and R&D; broad strategy and operations remit |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual Salary | $1,000,000 (prorated paid $423,077) | Prorated for Aug 1–Dec 31, 2024 |
| Cash Sign-on Bonus | $9,900,000 | One-time new-hire cash bonus |
| Relocation Assistance | $143,275 | Included in “All Other Compensation” |
Performance Compensation
SVP Bonus (Cash, 2024 only; program discontinued starting 2025)
| Metric | Weighting | Target | Actual | Payout Timing |
|---|---|---|---|---|
| SVP Bonus Program (non-equity incentive) | Discretionary based on contributions | $2,000,000 (SVP target); prorated for Anat | $850,000 (maximum prorated for start date) | 2024 (paid), program discontinued for 2025 |
Performance Stock Units (PSUs)
| Grant Date | Metric | Target PSUs | Max PSUs | Target Fair Value | Vesting |
|---|---|---|---|---|---|
| Aug 7, 2024 | Relative TSR vs S&P 100; 0–200% payout; linear interpolation across 25th/50th/75th percentiles | 27,443 | 54,886 | $6,672,217 | Dec 31, 2026 (RTSR 2024–2026), vests within 45 days post-period |
| Mar 5, 2025 (annual cycle) | Relative TSR vs S&P 100; 0–200% payout; period 2025–2027 | 42,981 (target PSUs) | 0–200% of target | $8,000,000 (target PSU award value) | Dec 31, 2027; within 45 days post-period |
Equity Awards & Vesting Schedules (GSUs)
| Grant Date | Shares (GSUs) | Grant Date Fair Value | Vesting Schedule |
|---|---|---|---|
| Aug 7, 2024 (New-hire GSU 1) | 32,931 | $5,293,658 | Quarterly in remainder of 2024 |
| Aug 7, 2024 (New-hire GSU 2) | 93,305 | $14,998,779 | Quarterly in 2025 (four equal installments) |
| Aug 7, 2024 (New-hire GSU 3) | 71,900 | $11,557,925 | Quarterly in 2026 (four equal installments) |
| 2025 Annual GSU (incl. transitional amount) | 121,779 total GSUs | Target GSU value $19,000,000 + $3,666,667 transitional | Standard Alphabet vesting cadence (grant-specific schedules per award) |
2024 total GSU fair value for Anat’s awards was $31,850,362; combined with PSU fair value of $6,672,217, her 2024 stock awards totaled $38,522,579 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Voting shares beneficially owned (Class A/B) | None reported for Anat (non-voting Class C holdings not tabulated) |
| Unvested GSUs (12/31/2024) | 33,006 ($6,285,663) and 93,517 ($17,809,377) |
| Unvested PSUs (12/31/2024) | 27,505 ($5,238,052) |
| Shares vested in 2024 | 72,027 shares; $13,009,012 value realized |
| Stock ownership guidelines | SVPs must hold ≥$7.5M; 5 years to comply; all NEOs met or were in grace as of 12/31/2024 |
| Hedging/pledging | Prohibited: no short sales, hedging/derivatives, pledging or margin accounts |
Employment Terms
| Term | Detail |
|---|---|
| Role and start date | CFO & SVP of Alphabet and Google; start July 31, 2024 |
| Legal employer | Google LLC |
| Base salary | $1,000,000 |
| Annual bonus (offer terms) | Up to 200% of salary; prorated for 2024, paid $850,000; SVP bonus discontinued beginning 2025 with value shifted to PSUs |
| New-hire equity | GSUs: $13.1M (2024), $17.0M (2025), $6.0M (2026); PSUs: $5.0M (RTSR 2024–2026) |
| 2025 annual equity mix | Target GSU $19,000,000; Target PSU $8,000,000; plus $3,666,667 transitional GSUs |
| Change-in-control (CoC) | If successor does not assume/substitute, all unvested GSUs fully vest and target PSUs fully vest |
| Death | GSUs vest in full; PSUs vest at target or earned amounts per award timing |
| Termination without cause | PSUs prorate based on service days in performance period; vest at determination date |
| Estimated equity acceleration values (12/31/2024) | CoC or death: $29,333,013; termination without cause: $3,492,063 |
| Clawback | Alphabet Inc. Clawback Policy adopted Oct 2023 per SEC/Nasdaq rules |
| Executive-only plans | No executive-only retirement programs (e.g., SERP) |
Compensation Committee, Consultants, and Peer Group
- Compensation Committee: Robin L. Washington (Chair), L. John Doerr, and K. Ram Shriram; fully independent; 2024 held four meetings and multiple consents .
- Consultants: Compensia Inc. and Semler Brossy; engaged directly by the committee; independence reviewed with no conflicts .
- Peer group (used for market benchmarking): Amazon, Apple, Cisco, Comcast, Intel, IBM, Meta, Microsoft, Netflix, Oracle, Salesforce, Disney .
Compensation Structure Analysis
- Shift toward at-risk equity: The SVP bonus program is discontinued in 2025; its $2.0M target is reallocated into PSUs, increasing performance sensitivity to TSR outcomes .
- Clear performance metric: PSUs are 100% tied to Alphabet’s relative TSR vs S&P 100, with a 0–200% payout and linear interpolation across percentile bands (25th/50th/75th) .
- Dividend-equivalent modification: In 2024, unvested awards were modified to accrue dividend equivalent units for declared dividends, increasing outstanding counts; reflected in “Stock Awards” and “Outstanding Equity Awards” tables .
- No stock options: Alphabet did not award options to NEOs in 2024; equity is via GSUs/PSUs .
Risk Indicators & Red Flags
- Hedging/pledging prohibited, reducing misalignment and collateral risk .
- CoC acceleration if awards are not assumed by a successor (single-trigger on non-assumption), a potential overhang in an M&A scenario; equity acceleration estimates provided for Anat .
- No executive-only retirement plans; standard benefits broadly consistent with employees .
- Dividend-equivalent rights added to unvested equity (not a repricing but a modification), slightly increasing potential realized value on vest .
Investment Implications
- Short- to medium-term supply from vesting: Quarterly GSU vesting through 2025 (93,305 shares) and 2026 (71,900 shares) plus PSU cliffs in early 2027 could create periodic selling pressure; watch quarter-ends and early-year PSU certification windows .
- Higher performance beta: Eliminating cash bonuses for 2025 increases PSU weighting; relative TSR outcomes vs S&P 100 will drive realized pay and potentially shape retention and sentiment around equity realizations .
- Alignment safeguards: Ownership guidelines ($7.5M for SVPs, 5-year compliance) and strict anti-hedging/pledging policies support alignment and reduce agency risk, mitigating concerns over leverage or hedging strategies .
- Limited cash severance: No disclosed cash severance multiples; termination benefits are primarily equity prorations and CoC/death accelerations per plan terms, reducing “golden parachute” risk while still offering retention via meaningful unvested equity .