Bay Area (AP) Shifting from Google's Boss to executive chairman demonstrated to become lucrative new career for Eric Schmidt.
Google Corporation. granted Schmidt a compensation package worth $101 million this past year, based on a Friday regulating filing. The total amount is 322 occasions greater compared to $313,219 package that Schmidt received this year throughout his final twelve month as the web search leader's Boss.
Schmidt, 56, ended ten years-lengthy stint as Google's Boss last April and surrended the task to Google co-founder Ray Page.
Shortly prior to the alternation in command, Google gave Schmidt stock and investment worth nearly $94 million, based on the company's proxy statement. Google had designed the stock and stock option package to become worth $100 million, however the compensation formula typed out by investments government bodies showed up in a slightly different calculation.
To finish it off, Google elevated Schmidt's salary from $1 yearly as Boss to $1.25 million as executive chairman. His 2011 salary wound up being $937,500 while he spent the very first three several weeks of the season within the lower-having to pay job as Boss.
The relaxation of Schmidt's 2011 compensation comprised of the $six million bonus and perks worth nearly $264,000. Schmidt deposited 1 / 2 of his bonus this past year inside a company plan that may defer payment for approximately 5 years.
Page's compensation package totaled $1 this past year, composed exclusively of the nominal salary. He's maintained a $1 salary since 2005, although in certain years he's recognized the Google's companywide holiday bonus. That is what happened this year when Page's pay package totaled $1,723.
Weekly income, annual bonuses and investment weren't necessary to Schmidt or Page since Google's initial public offering of stock in August 2004. That IPO switched them, together with Google co-founder Sergey Brin, into multibillionaires who're perennials on Forbes' listing of the earth's wealthiest people.
Forbes' latest ratings estimate Page, 39, and Brin, 38, are each worth nearly $19 billion. Playboy pegs Schmidt's wealth at nearly $7 billion.
Like Page, Brin limited his pay package this past year to $1.
Since Google's IPO, Schmidt's total compensation package as Boss had not exceeded $560,000, according to an analysis of Google's past regulating filings. From 2004 through 2010, Schmidt's combined compensation totaled $2.two million.
In the job as executive chairman, Schmidt works as a company ambassador who meets government government bodies, explores potential purchases and makes public looks.
In the proxy statement, Google referred to Schmidt's large stock and stock option package in an effort to recognize his achievements as Boss. When Schmidt required in job in 2002, Google had annual revenue of $86 million and less than 300 employees. In Schmidt's final twelve month as Boss, Google had grown to some company with $29 billion in revenue and most 24,000 employees.
Despite last year's large windfall, Schmidt continues to be raising cash. In Feb, he filed intends to sell as much as 2.4 million shares of stock presently worth about $1.4 billion.
Page and Brin are while selling 5 million Google shares each within program scheduled to become carried out 2015.
Page, Brin and Schmidt happen to be Google's controlling investors because the IPO, because of a unique class of stock that provides them 10 occasions the voting energy of other investors. To make sure they stay in energy as Google doles out more stock to pay for employees and finance purchases, Brin and Page are going after a couple-for-1 stock split and build new class of explains to zero voting energy.
The unusual stock split introduced a week ago continues to be criticized by corporate governance pros who oppose disenfranchising other investors.
However the proposal is nearly sure to be accepted at Google's June 21 annual meeting because Page, Brin and Schmidt support it.
Friday's regulating filing revealed the idea for that stock split was initially broached in June 2010. Google's board then created a unique committee to evaluate the benefits and drawbacks. After a little bargaining with Brin and Page within the limits on their own control, the board arrived at an agreement earlier this year.
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