23-5-2024 (NEW YORK) In a surprising revelation, the highest-paid chief executive officer in the United States is neither Apple’s Tim Cook nor Tesla’s Elon Musk, but Malaysian-born Tan Hock Eng.
At the age of 71, Tan outpaced notable industry figures including Meta Platforms’ Mark Zuckerberg, earning an impressive US$162 million (approximately RM760 million) in compensation last year. This data was disclosed by the South China Morning Post, referencing a detailed analysis by the Wall Street Journal (WSJ).
“Tan, now a US citizen, serves as the CEO of semiconductor giant Broadcom Inc and has consistently been a top earner since 2006, notably receiving US$103 million in 2017,” reported WSJ.
However, his substantial pay package is tied to stringent conditions, including a mandate that the company’s stock reaches a specified threshold by next year. Additionally, Tan must remain in his role as CEO for an extra five years, during which he will not be eligible for further equity or cash bonuses.
Broadcom Inc has experienced significant growth, with its shares surging 106% over the past year, elevating its total market capitalisation to US$655 billion (RM3 trillion).
In addition to his role at Broadcom, Tan is a board member of Meta Platforms, the US-based conglomerate that owns Facebook, Instagram, and WhatsApp, among others.
Tan’s journey began in Penang, where he was born. He pursued higher education in the United States, completing his undergraduate degree in mechanical engineering at the Massachusetts Institute of Technology. He also holds a bachelor’s degree in electrical engineering from the National University of Singapore and a Master of Business Administration from Harvard University.
Upon returning to Malaysia, Tan was actively involved with Hume Industries from 1983 to 1988. Subsequently, he moved to Singapore, where he served as managing director of the venture capital firm Pacven Investment.
In 1992, Tan relocated back to the United States and took on the role of vice-president of finance for the PC maker Commodore International, marking the beginning of his significant career in the tech industry.
