Equinix picks Google Cloud’s Adaire Fox-Martin as its new president and CEO with salary and stock incentives valued at $36.5 million.

Equinix chose Adaire Fox-Martin as its next president and CEO with plans to pluck the leader from her role as Google Cloud go-to-market president and plant her in the data center giant’s Redwood City, Calif. headquarters office no later than June 17, the company announced Tuesday.

Equinix’s current president and CEO Charles Meyer is expected to move into the role of executive chairman. In a statement, Meyer said AI is accelerating digital transformations creating an “extraordinary demand” for digital infrastructure and a long-term opportunity for Equinix.

“I am confident that Adaire’s capabilities and experience will be deeply additive to our team and our culture, helping us meet the evolving needs of our customers, fuel our growth and unlock the extraordinary power of Platform Equinix,” Meyers said in a statement. “I am grateful to our board for their support of my desired transition timeline, and excited to assume the Executive Chairman role and actively support Adaire as she leverages her tremendous global experience to extend and expand our market leadership.”

Fox-Martin has decades of experience as a leader at the biggest names in technology including SAP, where she was responsible for sales and service globally, with more than 440,000 customers. Fox-Martin is currently Google Cloud’s go-to-market president and the head of Google Ireland, roles she will leave “soon,” according to a statement posted to her LinkedIn profile.

“After three incredibly memorable years with Google Cloud, I will soon take on my next challenge. I’m delighted to share that I will be joining the team at Equinix as President and CEO,” the post to her profile stated.

Fox-Martin has been a member of Equinix’s board of directors since 2020.

Her combined pay package includes an annual $1 million salary, with a 150-percent performance bonus. Additionally, she is set to receive a sign-on bonus of up-to $412,000, an initial equity award of $18 million, and an additional $17 million “in light of certain equity compensation that you are forfeiting as a result of your departure from your prior employer,” Equinix wrote, according to a regulatory filing.

“We are delighted to formalize the terms of your employment in your new role as Chief Executive Officer and President of Equinix, Inc … We’re truly excited at the prospect of you joining the Equinix team and look forward to working with you” Meyer wrote in the offer of employment which Fox-Martin signed March 7.

Meyers joined Equinix in 2010 and was appointed CEO in 2018. He has overseen massive growth during his time extending Platform Equinix to more than 70 markets across 33 countries. Since he joined the company’s revenue has “has enjoyed a 6x increase” in addition to adding more than $80 billion in equity value. He will continue in the role of CEO until Fox-Martin steps into the corner office in in the later part of its second quarter, Equinix said.

As part of the leadership transition, Peter Van Camp, currently executive chairman, will step away from his formal responsibilities as a board member to take the role of special advisor to the board.

Equinix reported 2023 revenue of $8.188 billion, a 13 percent increase over the previous year on an as-reported basis or 15 percent on a normalized and constant currency basis. The company’s stock has risen nearly 28 percent in the past 12 months to $871.02 as of Wednesday, giving it a market cap of $82.4 billion.