The world has a brand new billionaire in its ranks.
Nikesh Arora, CEO of cybersecurity firm Palo Alto Networks, is now price $1.5 billion, Bloomberg reported on Tuesday. That sum could also be impressive enough by itself, however it’s much more notable since it makes Arora one of the few billionaires who is not a tech company founder.
Much of the 55-year-old’s fortune comes from his work at Palo Alto Networks. In 2018, he was hired by the company with a $125 million stock and option compensation package. Bloomberg noted that cybersecurity software has since grow to be more lucrative because of significant hacking scandals in casinos, ports and treasury markets. For this reason, the company’s share price has greater than quadrupled in comparison with 2018. As a result, Arora’s shares in Palo Alto Networks are actually price as much as $830 million. (An organization spokesman didn’t reply to Bloomberg’s requests for comment.)
This staggering dollar amount was built on Arora’s past lucrative deals, catapulting him into the stratosphere in relation to wealth. In 2012, the businessman became the highest-paid Google executive, with a compensation package price roughly $51 million. By the time he left the company in 2014, his stock value was at the least $200 million. Arora jumped ship to grow to be president and chief operating officer of SoftBank, where his $135 million first-year compensation package broke records in Japan and made him the highest-paid executive in the world.
As long as he stays with Palo Alto Networks – and the company continues to do well – Arora appears poised to retain his billionaire status. His 2023 compensation package included as much as 750,000 stock awards that vest upon achieving certain performance criteria. The total will now be $220 million, Bloomberg wrote. According to a Palo Alto Networks proxy statement provided to Bloomberg, the awards got to Arora in response to his contributions to the company since he joined five years ago, allowing him to accumulate “$102 million in value annually.”
“Due to this significant acquisition and the amount to which Mr. Arora is estimated to become vested over the next several years, the Board has determined that a significant equity award will be necessary to ensure that such an award will retain and engage Mr. Arora.” , the company said.
It could also be time so as to add Palo Alto Networks stock to your portfolio
Credit : robbreport.com
