Microsoft’s financial success over the past year led to a major pay bump for CEO Satya Nadella, whose total compensation for 2024 will exceed $79 million.

Most of Nadella’s pay is wrapped up in performance-based stock awards, which are valued at $71.2 million for 2024, according to a Thursday regulatory filing. Last year, Nadella received $39 million in stock awards and $48.5 million in total compensation.

Microsoft’s stock has risen 28% this year and had a $3.16 trillion market cap as of Thursday.

The company’s soaring value has been tied to its investments in artificial intelligence and its ability to show Wall Street revenue growth based on the technology.

Nadella’s $2.5 million salary for 2024 is the same as last year, and he requested a reduced cash bonus, which the board approved. In 2022, Nadella received a $10 million bonus which was cut down to $6.4 million in 2023 and again dropped to $5.2 million this year.

Microsoft’s board ties compensation to company performance. In May, the company made a pledge to “instill accountability” over cybersecurity by basing part of the senior leadership team’s compensation on its progress in preventing cyberattacks and intrusions, according to a company blog post.

A letter from the board’s compensation committee tucked into the regulatory filing said Nadella agreed Microsoft’s performance was “extremely strong,” but that he asked for “a reduced cash incentive to reflect his personal accountability for the focus and speed required for the changes that today’s cybersecurity threat landscape.”

If Nadella hadn’t made the request, his cash bonus would have been more than $10 million, according to the board.

Microsoft self-reported in January that state-backed Russian hackers had broke into the company’s corporate email system and accessed accounts of employees on the cybersecurity, legal and leadership teams.

The group of hackers, named Midnight Blizzard by Microsoft, accessed the accounts in late November 2023 and were discovered in mid-January.

Nadella’s compensation stretched the company’s CEO-to-median employee ratio, from 250-to-1 in 2023 to 408-to-1 in 2024.

Microsoft’s median compensation, not including Nadella’s, was $193,744 this year, down slightly from 2023.