Google's Eric Schmidt gets a $1.25-million raise, with major bonuses
Eric Schmidt, Google's former CEO, is getting a big raise.
In his new role as Google's executive chairman, Schmidt will earn a annual base salary of $1.25 million, the company said in an SEC filing.
That isn't all. Schmidt is eligible for some bonuses too.
"Effective as of April 4, 2011, Eric will receive an annual base salary of $1.25 million and a target bonus of 400% of his base salary," Google said in the filing. "Eric's actual bonus payment for 2011 can range from zero to a maximum of $6.0 million."
As chief executive, Schmidt took Google from a rising search engine to being one of the most valuable companies on Earth, all for a salary of $1 a year from August 2001 until he stepped down earlier this month.
Google co-founders Larry Page, who has replaced Schmidt as CEO, and Sergey Brin have both long received a $1 annual salary and that isn't changing.
But while Schmidt has previously received $10 in salary pay for his decade as CEO, he has been given shares in Google during his tenure that have left him with ownership of about 9.6% in the company.
In January, the month that Schmidt and Page announced their changing roles, Google said in SEC filings that Schmidt was planning to sell 534,000 of his shares in the company over the next year in a cash-out move that could be worth about $335 million.
After selling the shares, Schmidt will still own about 9.1% of Google.
-- Nathan Olivarez-Giles
Photo: Eric Schmidt, then Google's CEO, at the tech giant's headquarters in Buenos Aires on March 4. Credit: Enrique Marcarian / Reuters