Recent disclosures from the company indicate that Chief Executive Jensen Huang of Nvidia Corp. received a 60% pay increase last year.
As per the most recent proxy filing from Nvidia, which was released on Tuesday afternoon, Huang received $34.2 million in total compensation for the fiscal year 2024. This is more than the $23.7 million he received in 2022 and the $21.4 million he received for the fiscal year 2023. Huang’s base salary, which was little under $1 million, remained mostly unchanged despite the significant increase in compensation.
Huang’s pay increase for the fiscal year 2024, which concluded in January and witnessed a roughly 200% increase in Nvidia’s stock price (NVDA, +1.06%), was largely comprised of stock awards. The amount of his most recent annual batch of stock awards increased to $26.7 million from $19.7 million the previous year.
In addition, Huang booked $4 million in compensation from a nonequity incentive plan, which he received in fiscal 2022 but not in fiscal 2023. Huang was able to get this payment because Nvidia stated that the company’s revenue for the fiscal year 2024 exceeded the “stretch compensation plan goal.”
About $2.5 million from “other” sources, mostly connected to private security, was also included in his compensation. Out of that total, security, advice, monitoring, and driver and vehicle services account for about $2.2 million. The previous year, Huang received less than $700,000 in “other” compensation.
“Nvidia provides Mr Huang with security protection due to the high profile of our CEO and in accordance with the independently assessed executive security programme established by our Board,” Nvidia stated in its proxy filing.
The business also disclosed that Huang took “limited travel” and received only a portion of the year’s benefits related to residential security during the preceding fiscal year.
Compared to his colleagues at rival chip manufacturers Advanced Micro Devices Inc. AMD, +1.73% and Intel Corp. INTC, +1.77%, Huang took home a larger salary. AMD In 2023, Intel CEO Pat Gelsinger received $16.9 million in compensation, while CEO Lisa Su received $30.4 million.
