In the competitive world of corporate leadership, few names resonate as strongly as Elon Musk, Mark Zuckerberg, and Tim Cook. Yet, in a remarkable turn of events, Hock Tan, the Malaysian-born CEO of Broadcom Inc., has emerged as the highest-paid CEO in America for 2023. His compensation package, valued at an impressive $162 million, places him ahead of these tech titans.
Tan’s hefty payout is contingent on achieving specific performance benchmarks. To receive the full amount, Broadcom’s stock price must reach a predetermined level by 2025. During this period, he will not receive any further equity or cash bonuses, according to South China Morning Post (SCMP), quoting an analysis by the Wall Street Journal (WSJ) this week.
Broadcom has seen impressive growth recently, with its share price surging 27% in 2024 and a whopping 106% over the past year. This growth has propelled the company’s market capitalization to a staggering US$655 billion.
Born in Penang around 1951 or 1952, Tan Hock Eng embarked on an academic journey that began with a scholarship to the Massachusetts Institute of Technology (MIT) in 1971, where he pursued a bachelor’s degree in mechanical engineering and earned a master’s degree in the same subject later in the year. His academic pursuits continued with an MBA from Harvard, laying the foundation for a distinguished career.
From 1983 to 1988, Tan served as Managing Director of Hume Industries in Malaysia, followed by a leadership stint at Pacven Investment from 1988 to 1992. March 2006 marked a pivotal moment in his career as he assumed the roles of President, CEO, and Director of Broadcom. Tan’s visionary leadership was further highlighted by the relocation of Broadcom from Singapore to the United States in 2017, solidifying its global presence. His remarkable achievements were reflected in his earnings of US$103.2 million (RM493.35 million) that year, earning him the prestigious title of the highest-earning CEO of 2017.
Tan has been a US citizen since 1990, having obtained citizenship shortly after his arrival in the country. Since February 2024, he has been a member of Meta’s board of directors.
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