Google awards $100 million to Eric Schmidt

Jan 24, 2011

(AP) -- Google Inc. says it has awarded $100 million worth of equity to Eric Schmidt, who is stepping aside as CEO but will stay with the company as executive chairman.

Google said in a regulatory filing on Monday the stock and will be granted on Feb. 2 and will vest over four years.

Schmidt, 55, is being replaced as Google's CEO by co-founder Larry Page. Both men, along with Google's other co-founder , have limited their salaries to $1 for years. But the three are Google's controlling shareholders.

Page, 37, takes over the CEO role in April.

Schmidt held about 9.2 million of Google's shares as of Dec. 31, 2010, according to a separate filing from last week. This amounts to about 2.9 percent of Google's outstanding shares and about 9.6 percent of the voting power. He plans to sell about 534,000 Class A shares as part of a pre-arranged trading plan. If he does, he will then hold about 9.1 percent of Google's voting power, the company said.

Shares of rose $1.32 to $613.15 in pre-market trading.

Explore further: 33 years after creating the PC, IBM leaves it behind in favour of the cloud

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Google co-founders to sell $5.5B combined in stock

Jan 23, 2010

(AP) -- Google Inc. co-founders Larry Page and Sergey Brin are relinquishing some of their control over the Internet search leader with the sale of 10 million shares worth $5.5 billion at current prices.

Google gives top execs big pay bump

Nov 13, 2010

(AP) -- Google Inc. has given its top executives a 30 percent salary bump, bigger than the 10 percent raise it gave its rank-and-file this week.

Google CEO's compensation for 2009 falls 52 pct

Mar 29, 2010

(AP) -- The total compensation of Google Inc. CEO Eric Schmidt fell 52 percent last year as the Internet search leader cut back on its employee perquisites to help lift its profits during the recession.

Apple director Levinson leaves Google's board

Oct 12, 2009

(AP) -- Google Inc. said Monday that Arthur Levinson has resigned from the Internet search leader's board, averting a potential showdown with government regulators over his overlapping job as a director for ...

Recommended for you

HP sales inch up while profit drops

4 hours ago

Hewlett-Packard on Wednesday reported that its quarterly revenue was nudged up by improved computer sales, but its profit dropped as the veteran technology firm tried to renew its momentum.

Restaurants experimenting with pay-in-advance tickets

7 hours ago

With restaurant patrons increasingly jumping on the Internet to make reservations, some high-end eateries here and across the country are adding a new tech wrinkle: having their clientele pay for their meal in advance using ...

Chip maker Infineon to buy California firm for $3B (Update)

9 hours ago

German chip maker Infineon Technologies AG says it has agreed to pay $3 billion in cash for California-based semiconductor firm International Rectifier, which produces power-management components used in everything from cars ...

User comments : 0