Broadcom’s Top Lawyer Gets 90% Pay Boost Following Promotion

Broadcom Inc.’s top lawyer Mark Brazeal saw his compensation rise by 90% last year as the technology company pushed forward with its bid to buy VMware Inc.

Brazeal was paid more than $14 million in 2022, the company said in a proxy statement filed Feb. 17. That was up from about $1.3 million a year earlier.

He’s been Broadcom’s chief legal officer since 2017 and took on the additional job of chief corporate affairs officer in late 2021. Brazeal’s pay boost stemmed from “equity incentive awards solely in connection with his promotion and increased responsibilities,” the company said in the proxy statement.

Broadcom didn’t respond to a comment request.

The San Jose, Calif.-based manufacturer of semiconductors and infrastructure software products, seeking a hedge against swings in the turbulent market swings, agreed last year to acquire cloud computing company VMware in a $61 billion deal.

Broadcom disclosed a grant of nearly $12.5 million in stock awards to Brazeal, which will vest over four years. He also received roughly $1.4 million in cash, including about $505,000 in base salary.

Brazeal is one of several Broadcom executives to receive long-term equity awards that inflated his pay packages in certain years. He earned roughly $13.5 million in 2019, the bulk of that compensation coming from a $12.8 million equity award.

Within the past four years Brazeal’s sold off more than $20.4 million in Broadcom stock, according to securities filings.

VMware disclosed in a securities filing last week that it and Broadcom have agreed to extend by three months the deadline for completing their merger, which is facing regulatory scrutiny. The new timetable would see the transaction close in late May.

At least six law firms are working on the transaction.

Broadcom’s legal team includes Wachtell, Lipton, Rosen & Katz; O’Melveny & Myers; and Cleary Gottlieb Steen & Hamilton. Public records show that Broadcom also paid $240,000 last year to Baker, Donelson, Bearman, Caldwell & Berkowitz for US federal lobbying work related to the deal and other issues.

Wachtell and Cleary Gottlieb also advised Broadcom on its $10.7 billion buy of Symantec Corp.’s enterprise software division in 2019 and the company’s $19 billion purchase of CA Technologies in 2018. The Trump administration the same year blocked Broadcom’s attempted $121 billion hostile takeover of Qualcomm Inc.

Brazeal has previously received cash bonuses for helping Broadcom close deals.