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Friday, May 2, 2025

Google's ex-CEO gets $101M at new job

by

20120421

Shift­ing from Google's CEO to ex­ec­u­tive chair­man proved to be lu­cra­tive ca­reer move for Er­ic Schmidt. Google Inc award­ed Schmidt a com­pen­sa­tion pack­age val­ued at $101 mil­lion last year, ac­cord­ing to a Fri­day reg­u­la­to­ry fil­ing. The amount is 322 times high­er than the $313,219 pack­age that Schmidt re­ceived in 2010 dur­ing his fi­nal full year as the In­ter­net search leader's CEO.

Schmidt, 56, end­ed a decade-long stint as Google's CEO last April and turned over the job to Google co-founder Lar­ry Page. Short­ly be­fore the change in com­mand, Google gave Schmidt stock and stock op­tions val­ued at near­ly $94 mil­lion, ac­cord­ing to the com­pa­ny's proxy state­ment. Google had de­signed the stock and stock op­tion pack­age to be worth $100 mil­lion, but the com­pen­sa­tion for­mu­la spelled out by se­cu­ri­ties reg­u­la­tors ar­rived at a slight­ly dif­fer­ent cal­cu­la­tion.

To top it off, Google raised Schmidt's salary from $1 an­nu­al­ly as CEO to $1.25 mil­lion as ex­ec­u­tive chair­man. His 2011 salary end­ed up be­ing $937,500 be­cause he spent the first three months of the year in the low­er-pay­ing job as CEO. The rest of Schmidt's 2011 com­pen­sa­tion con­sist­ed of a $6 mil­lion bonus and perks worth near­ly $264,000. Schmidt de­posit­ed half of his bonus last year in a com­pa­ny plan that can de­fer pay­ment for up to five years.

Page's com­pen­sa­tion pack­age to­taled $1 last year, con­sist­ing sole­ly of a nom­i­nal salary. He has main­tained a $1 salary since 2005, al­though in some years he has ac­cept­ed the Google's com­pa­ny­wide hol­i­day bonus. That's what hap­pened in 2010 when Page's pay pack­age to­taled $1,723.


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