Google's Schmidt gets second $100 million stock award

SAN FRANCISCO Wed Feb 5, 2014 5:37am IST

Google Executive Chairman Eric Schmidt looks on during a talk titled ''Connecting with the World: Empowering Young Entrepreneurs for the New Digital Age'' at the Chinese University of Hong Kong November 4, 2013. REUTERS/Bobby Yip/Files

Google Executive Chairman Eric Schmidt looks on during a talk titled ''Connecting with the World: Empowering Young Entrepreneurs for the New Digital Age'' at the Chinese University of Hong Kong November 4, 2013.

Credit: Reuters/Bobby Yip/Files

Related Topics

Stocks

   

SAN FRANCISCO (Reuters) - Google Inc(GOOG.O) Executive Chairman Eric Schmidt will be awarded $100 million in restricted stock units, the company said on Tuesday, marking the second time in less than three years that the Internet company's former chief executive officer has received an equity award of that size.

Google said in a filing with the Securities and Exchange Commission on Tuesday that Schmidt will also collect a $6 million annual discretionary cash bonus next week.

Schmidt handed the CEO reins to Google co-founder Larry Page in 2011, after a decade leading the Internet search company. After the job change, Google bumped Schmidt's salary up from $1 a year to $1.25 million annually and awarded him a $100 million equity award comprised of stock and options, which vest over a four-year period.

Google said at the time that the size of the original equity award was determined, based on "market benchmarks for his new role as Executive Chairman and in recognition of his past service as CEO."

The current $100 million in equity vests over a four-year period, beginning in May 2015, Google said. The award was approved on January 29 by the Leadership Development and Compensation Committee of Google's board.

In his role as executive chairman, Schmidt focuses on government outreach and deals. Google said the $6 million cash bonus is in recognition of Schmidt's contributions to Google's performance in 2013.

Google's stock price rose 58.4 percent in 2013, breaking the $1,000 mark for the first time, while annual revenue increased 21 percent to $55.5 billion.

Google CEO Page and Google co-founder Sergey Brin each received a base salary of $1 in 2012, the same salary they have received every year since 2004.

The two co-founders each have a large portion of their personal wealth tied directly to Google's stock.

(Editing by Jan Paschal)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Diplomacy

REUTERS SHOWCASE

Maruti Results

Maruti Results

Maruti Suzuki says profits helped by sentiment, not growth.  Full Article 

Tracking the Monsoon

Tracking the Monsoon

Monsoon turns patchy after revival.  Full Article 

ICICI Profit Up

ICICI Profit Up

ICICI Bank Q1 net profit up 17 percent, beats estimates.  Full Article 

Pharma Sector

Pharma Sector

FDA raises concern over drug production process at Cadila  Full Article 

Coal India

Coal India

Some Coal India mines may be run by foreign firms - minister  Full Article 

Fuel Prices

Fuel Prices

IOC to cut petrol prices by 1.5 pct from Friday  Read 

Economic Pulse

Economic Pulse

India's infrastructure output growth hits 9-month high in June  Full Article | Related Story 

Joint Bid

Joint Bid

ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage