Eric Schmidt: Guess How Much Google Ex-CEO Earned Last Year?
Even though Larry Page is the new CEO of Google after Eric Schmidt stepped down, it didn't harm Schmidt's earnings. In fact, as an executive chairman, Schmidt took home $101 million last year, which is much higher than what he took home during his tenure as CEO.
According to a Friday regulatory filing, Schmidt earned $101 million last year. That amount is 322 times higher than the $313,219 financial package he received in 2010 in his final full year as Google's CEO.
Before the change from Schmidt to Page, Google gave Schmidt stock options valued at almost $94 million. Google designed the options to be $100 million. Google also raised Schmidt's earnings from $1 million to $1.25 million as he transitioned to the role of executive chairman. In 2011, his salary fell under $1 million dollars - $937,500 - because he spent the first three months in his job as CEO.
The rest of Schmidt's compensation package consisted of a $6 million bonus with perks worth nearly $264,000. Last year, Schmit put half of his bonus in a company plan that can be deferred up to five years.
In comparison, Larry Page's compensation package was $1 million last year, which he has received since 2005. In 2010, Page's pay package totalled just $1,723.
However, the pay packages are almost irrelevant to Page and Schmidt. Google's IPO 2004 turned them into multi billionaires, and they have consistently featured on Forbes' list of the world's richest people. In the latest ranking, Page was ranked number 39, worth nearly $19 billion. Schmidt's estimated wealth is nearly $7 billion.
The estimated wealth of Sergey Brin, Google's co-founder, was valued at a similar level to Page. Brin limited his pay package last year to $1.
From 2004 to 2010, Schmidt's combined compensation totaled $2.2 million. As CEO, his compensation had never exceeded $560,000.
Schmidt's role as executive chairman, revolves around being a company ambassador. He meets with government regulators, explores potential acquisitions and makes public appearances.
In February, he sold 2.4 million shares of stock worth about $1.4 billion.
Schmidt had previously been the CEO of Google until last April.
(reported by Jonathan Charles, edited by Dave Clark)