A Penang-Born Man Is Now The Highest Paid CEO In America - The Coverage

A Penang-Born Man Is Now The Highest Paid CEO In America

Talking about some of the highest-paid CEOs in America, most of us would think of Apple’s Tim Cook, Tesla creator Elon Musk, and Facebook’s Mark Zuckerberg. Who would’ve thought that among these big names, a Malaysian man would make the highest spot on the list?

Penang-born Tan Hock Eng is currently the highest-paid Chief Executive Officer in America. According to the analysis reported, the average CEO among the biggest companies in the US made USD12.1 million (RM47.9 million) in 2017.

Tan and his wife, Lisa Yan | Source: E Celebrity Facts

However, the 66-year-old CEO made a whopping USD103.2 million (RM409.1 million) last year! That means it’s about 2,039 times more than the average US worker!

Tan is the head of Broadcom, an international supplier of semiconductor technologies, saw his company’s returns to shareholders increase in 2017, and his salary jump 318%, from USD24.7 million (RM98 million) in 2016.

Source: Glassdor

The most interesting part is that Tan’s base cash salary in 2017 was ‘only’ USD1.1 million (RM4.36 million). The bulk of his massive pay comes from shares awarded to him, valued at USD98.3 million (RM389.6 million), and a performance bonus of USD3.7 million (RM14.6 million).

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However, he will not receive all those shares yet. Instead, what Tan ultimately gets will depend on how Broadcom continues to perform.

The Penangite migrated to America through a scholarship at Massachusetts Institute of Technology (MIT) before making his name in the tech sector.

“My parents could not have afforded to send me to college, much less MIT, but this great American educational institution took a chance on me, sight unseen, by giving me a scholarship to pursue the American dream.”

Just last month, Broadcom announced that they had successfully relocated their legal address from Singapore to the United States.

According to Time,

“US President Donald Trump had even previously hosted an event with Tan to hail the growth of American jobs as a result of the chip manufacturer’s relocation, which Tan said would bring in USD20 billion in revenue for the country.”

Source: Wired

Tan owns several homes across America, although he’s labeled himself as ‘kind of a frugal guy’. It is learned that two of his three children have autism, his family has donated USD30 million (RM118.9 million) to autism research.

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Nonetheless, Tan Hock Eng has come a long way from being a ‘skinny 18-year-old kid’ in Malaysia to now the wealthiest global tech in the United States.

(Source: Says)

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