Malaysian-born Broadcom CEO Tan Hock Eng’s pay more than doubles to $217.5 million in 2023
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Mr Tan Hock Eng, who hails from Penang, has been the CEO of Broadcom since 2006.
PHOTO: BROADCOM.COM
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San Francisco – The annual compensation of chipmaker Broadcom’s chief executive officer more than doubled to US$161.8 million (S$217.5 million) in 2023, a filing with the US Securities and Exchange Commission (SEC) showed on Feb 26.
Malaysian-born Tan Hock Eng’s 2023 pay was 510 times the median salary of employees at the chip firm.
It was fuelled by a performance-based stock award of US$160.5 million that was “front-loaded” to cover a period of five years.
During that vesting period, the company, which is based in the Palo Alto, California, will not grant him additional annual equity awards.
Mr Tan’s pay in 2022 came in at US$60.6 million, with US$53.9 million in stock awards.
Dr Charlie Kawwas, head of Broadcom’s semiconductor group, received a similar stock award of US$48.2 million in 2023. His total compensation was US$49.7 million in 2023, up from just US$2.3 million a year earlier.
“The independent directors believe Mr Tan has been and continues to be the main driving force behind Broadcom’s transformation from a semiconductor company into a leading infrastructure technology company,” according to the filing.
Mr Tan has used acquisitions to diversify Broadcom’s business, including a US$69 billion purchase of cloud computing firm VMware in 2023, after receiving regulatory approval in its key market China and ending a months-long saga.
He previously acquired CA Technologies and Symantec’s corporate security business, beefing up Broadcom’s software and services.
Broadcom posted a revenue of US$35.82 billion in 2023, and its stock has risen about 17 per cent so far in 2024 after nearly doubling last year.
Broadcom shares rose 1 per cent to close at US$1,309.13 on Feb 26.
The share rally came after news that Broadcom has reached a deal to sell a unit that allows users to access desktops and applications from any device to private equity firm KKR for US$4 billion.
Mr Tan, 71, who hails from Penang, has been the CEO of Broadcom since 2006. He was the highest-earning CEO in the United States in 2017, earning US$103.2 million that year. BLOOMBERG, REUTERS
