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

Public Health

REUTERS SHOWCASE

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Market at Record

Market at Record

Sensex, Nifty hit record highs; reforms outpace hawkish Fed.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Samsung Results

Samsung Results

Smartphone woes drag Samsung Elec Q3 profit to more than 3-year low.  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

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