Alphabet CEO Sundar Pichai is getting a raise. The leader of Google's parent company will receive a $240 million pay package, as well as $2 million in annual salary, the company said Friday in an SEC filing.

The pay bump comes after Google co-founders Larry Page and Sergey Brin earlier this month said they're stepping down as leaders of Alphabet, leaving Pichai to run the entire conglomerate. The company said in the filing that the pay increase is in recognition of Pichai's "expanded role" at Google and Alphabet. Pichai's total compensation in 2018 was $1.9 million, according to the Bloomberg Pay Index.