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Microsoft CEO Satya Nadella speaks during Day 2 of the GeekWire Summit 2017 at Sheraton Seattle on Wednesday, October 11, 2017. (Photo by Dan DeLong for GeekWire)

Microsoft CEO Satya Nadella will make more than $20 million in total compensation, thanks to a more than $7 million bonus because of his work in delivering strong financial results for the company and helping refocus its direction.

Nadella, in his third year as CEO, was compensated $20.01 million in salary, stock awards and bonuses in 2017, according to the company’s annual proxy statement. That came after Microsoft’s board gave him a performance result of 123.33 percent, though out of 200 percent rather than 100 percent. Nadella made $18.29 million and $17.69 in total compensation in 2015 and 2016 respectively.

It has been an active year for Microsoft, which has put together a huge new AI group, released several new hardware products and continued its cloud push with Azure. Microsoft is also in the midst of a cultural change that has been a high priority for Nadella.

In October 2016 Microsoft stock surpassed a 17-year high of $59.66 and blew past that number in the following months. Today, Microsoft stock closed at $77.65 and is up more than 35 percent over the last 12 months.

Here is Nadella’s full performance review, from the filing:

The Company continued to gain momentum in its cloud services, with a continuing opportunity to do even more.

Commercial cloud annualized revenue run rate reached $18.9 billion, on track to achieve the goal of $20 billion in FY18. The Company’s growth in cloud services reflected further progress in all core components (Azure, Dynamics, Office 365, and Microsoft 365). Azure revenue grew 99%, reflecting improved Azure differentiation, with positive momentum and feedback from customers around our hybrid consistency, developer productivity, and trusted approach. Office 365 is continuing to drive innovation and value such as Microsoft Teams, and as a result driving commercial seats growth of 31%.

There was important progress on Windows, especially in product quality and enterprise adoption, with Windows commercial products and cloud services revenue up 5%. The introduction of Windows 10 S was an important step in addressing the education market with room for further progress. More work remains in areas like browser share, and to innovate to pursue IoT opportunities and new platform waves. With its Surface line of products, the Company continued to make progress in creating new hardware categories and improving product quality. Surface revenue declined slightly at 2% with room to improve through more innovation across device and software boundaries. Progress was made in gaming with the introduction of Mixer and Xbox Game Pass leading to more than 53 million active Xbox Live subscriptions.

The Company pivoted to make progress on artificial intelligence and machine learning, which quickly have become vital across our product lines. There was good progress on our security protection and accessibility-related features across our products and services. The Company successfully completed the acquisition of LinkedIn. There was progress in the initial months of owning LinkedIn and product integrations with Office 365 and Dynamics 365 and more opportunity for product innovation lies ahead.

The Company continued to strengthen its brand, particularly the perception of Microsoft as an innovator and as a leader in the cloud. The Company continued to build strong relationships with customers that drove significant value for the Company. The ongoing field transformation undertaking will need to scale these efforts even further.

The engagement with constituencies in government, the industry, and the media was effective, impacting the Company positively.

Microsoft leadership with initiatives such as its Autism Program, Rural Broadband initiative, and call for a Digital Geneva Convention, was positively recognized by many stakeholders. Mr. Nadella’s relationships with external stakeholders, including shareholders, continue to be a priority and a strength.

The Company is undergoing an impressive cultural transformation under Mr. Nadella’s leadership. The Company is embracing the growth mindset, with employee sentiment that the Company embodies that mindset increasing year-over-year. Employee sentiment on company direction and leadership is also high and improving. The Company widely adopted leadership principles that help its leaders deliver clarity, generate energy, and deliver success.

The Company also reinforced its compliance program, and an accompanying Microsoft Runs on Trust campaign. Microsoft was again one of Ethisphere’s 2017 World’s Most Ethical Companies.

The Company made progress in diversity, increasing its U.S. representation of African American/Black, Hispanic/Latino, and female employees. Microsoft received a 100% Corporate Equality Index Score for the 11th consecutive year from the Human Rights Campaign.

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