Broadcom CEO compensation more than doubles to $161.8 million in 2023

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February 26, 2024 7:01 PM EST

Hock Tan, CEO of Broadcom, speaks on the floor of the New York Stock Exchange shortly before the opening bell in New York, U.S., February 12, 2018. REUTERS/Lucas Jackson/File Photo

(Reuters) - Chipmaker Broadcom CEO Hock Tan's annual compensation more than doubled to $161.8 million in 2023, a filing with the Securities and Exchange Commission (SEC) showed on Monday.

Tan's 2023 pay, which was fueled by stock awards of $160.5 million, was 510 times the median salary of employees at the chip firm.

His pay in 2022 came in at $60.6 million, with $53.9 million in stock awards.

The chipmaker closed its $69 billion acquisition of cloud-computing firm VMware last year, after receiving regulatory approval in its key market China and ending a months-long saga.

Broadcom posted 2023 revenue of $35.82 billion, and its stock has risen about 17% so far in 2024 after nearly doubling last year.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Sherry Jacob-Phillips)


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