Google ex-CEO finally gets his just due
By Michael Liedtke |
April 22, 2011, Friday
|
Print Edition
Print Edition
BILLIONAIRE Eric Schmidt feels more comfortable taking a million-dollar paycheck as Google Inc's former CEO than he did when he was running the Internet's most powerful company.
After voluntarily limiting his annual salary to US$1 during most of his 10-year reign as Google's CEO, Schmidt is getting a US$1.25 million raise in his new job as executive chairman. The bigger paycheck kicked in April 4 when Schmidt was replaced as CEO by Google co-founder Larry Page.
The revised compensation package, filed with federal regulators on Tuesday, will pay Schmidt an annual bonus of up to US$6 million.
The raise and bonus plan supplement a stock package valued at US$100 million that the board awarded Schmidt shortly after the late January announcement about Google's planned change in command. The stock will vest during the next four years, a sign that Google wants Schmidt to stick around.
In his final year as CEO, Schmidt's 2010 compensation package totaled US$313,219. All but US$1,786 of that amount covered Schmidt's personal security bill and the cost flying his friends and family in jets chartered by the company, according to additional documents filed on Wednesday.
Schmidt, 55, ranks among the world's wealthiest people with an estimated net worth of US$7 billion that he accumulated mostly from the stock he bought and got after becoming Google's CEO in 2001.
When Schmidt joined Google, the company had less than US$90 million in annual revenue. In Schmidt's last year as CEO, Google's annual revenue surpassed US$29 billion.
Google's board has offered to pay Schmidt more money each year since 2005 only to be rebuffed. Schmidt accepted this time when a Google board committee consisting of Intel Corp CEO Paul Otellini and venture capitalist John Doerr decided he deserved a raise in his new role focusing on acquisitions and government relations.
After voluntarily limiting his annual salary to US$1 during most of his 10-year reign as Google's CEO, Schmidt is getting a US$1.25 million raise in his new job as executive chairman. The bigger paycheck kicked in April 4 when Schmidt was replaced as CEO by Google co-founder Larry Page.
The revised compensation package, filed with federal regulators on Tuesday, will pay Schmidt an annual bonus of up to US$6 million.
The raise and bonus plan supplement a stock package valued at US$100 million that the board awarded Schmidt shortly after the late January announcement about Google's planned change in command. The stock will vest during the next four years, a sign that Google wants Schmidt to stick around.
In his final year as CEO, Schmidt's 2010 compensation package totaled US$313,219. All but US$1,786 of that amount covered Schmidt's personal security bill and the cost flying his friends and family in jets chartered by the company, according to additional documents filed on Wednesday.
Schmidt, 55, ranks among the world's wealthiest people with an estimated net worth of US$7 billion that he accumulated mostly from the stock he bought and got after becoming Google's CEO in 2001.
When Schmidt joined Google, the company had less than US$90 million in annual revenue. In Schmidt's last year as CEO, Google's annual revenue surpassed US$29 billion.
Google's board has offered to pay Schmidt more money each year since 2005 only to be rebuffed. Schmidt accepted this time when a Google board committee consisting of Intel Corp CEO Paul Otellini and venture capitalist John Doerr decided he deserved a raise in his new role focusing on acquisitions and government relations.
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