Google paid Eric Schmidt $109 million last year
Google paid its billionaire executive chairman Eric Schmidt nearly $109 million (about Rs 650 crore) last year while the company’s stock slumped.business Updated: Apr 24, 2015 23:13 IST
Google paid its billionaire executive chairman Eric Schmidt nearly $109 million (about Rs 650 crore) last year while the company’s stock slumped.
Most of the compensation consisted of stock, valued at $100 million. His total pay last year soared by more than five-fold from $19.3 million in 2013.
This was the largest stock package that Schmidt has received since 2011 when Google awarded him a bundle valued at $94 million. That had come at a time when he relinquished the CEO’s job to company co-founder Larry Page.
Documents filed with regulators on Thursday also showed that Page and the company’s other founder, Sergey Brin, limited their 2014 pay to $1 each, as has been their practice for years.
Schmidt also pocketed a $1.25 million salary, a $6 million bonus and perks valued at $1 million.
His hefty pay raise came in a year that saw Google’s stock drop by 5% amid investor concerns about the company’s big spending on far-flung projects.
Analysts have also questioned whether Google will be able to maintain its dominance in internet search as more people rely on smartphones instead of personal computers to access digital content.
Schmidt, 59, is already among the world’s richest people, with an estimated fortune of $9 billion (Rs 54,000 crore), according to Forbes.