Google executives get one-dollar paychecks in 2008

Mar 25, 2009
Google's offices in Washington, DC. Google's co-founders and the California Internet titan's chief executive Eric Schmidt each took only a dollar in pay last year, a filing with US regulators indicates

Google's co-founders and the California Internet titan's chief executive Eric Schmidt each took only a dollar in pay last year, a filing with US regulators indicates.

Larry Page, , and Schmidt stuck with their usual one-dollar annual paychecks despite tough economic times that have eroded billions of dollars in value from their holdings.

"Eric, Larry and Sergey have voluntarily elected to receive only nominal ," Google said in a proxy statement filed Tuesday with the Securities and Exchange Commission.

"Their primary compensation continues to come from returns on their ownership stakes in Google."

The trio at the top of Google's command structure received no bonuses either.

Page owns about 29.2 million shares of Google stock while Brin holds 28.6 million shares, making them the firm's biggest stock holders and giving the duo controlling interest, according to the filing.

Brin, 35, and Page, 36, started Google while students at Stanford University.

The pair incorporated Google in 1998 and have taken a dollar each in annual pay since the company went public with a stock offering in 2004.

Schmidt has the third largest stake in the company; owning just shy of 9.4 million shares.

Google did compensate Schmidt to the tune of about a half million dollars in 2008, but the bulk of the money paid for security and some travel.

Google stock closed Tuesday trading priced slightly above 347 dollars per share.

The stock had soared to nearly 700 dollars a share in late 2007, but tanked along with the rest of the market in the ensuing year.

(c) 2009 AFP

Explore further: 80 percent of organizations are turning to citizen developers to drive innovation

add to favorites email to friend print save as pdf

Related Stories

Google execs collect bonuses

Mar 03, 2009

Bonus may be a dirty word on Wall Street right now, but end-of-year cash is still being handed out in Silicon Valley.

Google reports $1.6B in 3Q revenue

Oct 20, 2005

It is often joked lately that search titan Google Inc. may someday -- perhaps someday soon -- rule the world. It is the center of much of the Internet world in terms of the sheer number of people who use it, and with its ...

Recommended for you

Hackerspaces used to turn ideas turn into reality

9 hours ago

At HeatSync Labs, the tables are littered with computer chips, pens, pads and tools while the room is abuzz with the chatter of would-be inventors hoping to change the world—or just make cool things. They are part of a ...

China Telecom profit rises as mobile data grows

9 hours ago

China Telecom Ltd., one of the country's three main state-owned carriers, said Wednesday its profit rose 11.8 percent in the first half of the year as its Internet and mobile data businesses grew.

Snapchat valued at $10 bln

10 hours ago

US media on Tuesday reported that Snapchat was valued at $10 billion based on funding pumped into the startup by a powerhouse Silicon Valley venture capital firm.

User comments : 0