Another year, another $1 for Google co-founders

Mar 28 2014, 6:20pm CDT | by

SAN FRANCISCO (AP) — Google paid co-founders Larry Page and Sergey Brin their customary $1 salaries last year while Executive Chairman Eric Schmidt's compensation more than doubled to $19.3 million.

Most of Schmidt's raise stemmed from stock grants valued at $11.4 million. Google issued them to make up for an administrative error in the handling of another large award given to Schmidt in February 2011, according to regulatory documents filed Friday.

If not for the mix-up, Schmidt's pay package last year would have risen 4 percent from the $7.6 million that he got in 2012.

Page, Google's CEO, and Brin, another top executive, have insisted on capping their salaries at $1 annually since Google Inc. went public nearly a decade ago. It's a symbolic gesture that many other Silicon Valley executives have made after amassing fortunes through the stock that they held in their respective companies.

Page, 41, and Brin, 40, each own Google stock currently worth about $26 billion.

Schmidt, 58, has accumulated wealth estimated at $9 billion by Forbes magazine. He also limited his salary to $1 annually while he was CEO.

The pay scale has changed dramatically since Schmidt turned over the CEO's job to Page three years ago. In 2011, Schmidt received compensation valued at $101 million, with most of the money tied up in restricted stock designed to keep him working at Google. Last month, Google disclosed that Schmidt is receiving another stock award valued at $100 million this year.

As Google's executive chairman, Schmidt primarily deals with regulatory issues, government relationships and company acquisitions. The Mountain View, Calif., company thought Schmidt did such a good job last year that he received his maximum cash bonus of $6 million to supplement his $1.25 million salary.

None of the other Google executives listed in the proxy statement qualified for their maximum bonuses last year.

Google and its stockholders fared well last year. The company's earnings climbed 20 percent from the previous year to $12.9 billion and its stock price gained 58 percent. The Standard & Poor's 500 index increased by 30 percent last year.

The Associated Press formula calculates an executive's total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest that the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pensions, a benefit that Google and most other technology companies don't provide.

Source: AP Business

 
 

Don't miss ...

 

<a href="/latest_stories/all/all/31" rel="author">Associated Press</a>
The Associated Press (AP) is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers.

 

blog comments powered by Disqus

Latest stories

China's yuan strengthens
Beijing, Oct 29 (IANS) The value of the Chinese currency renminbi, or the yuan, strengthened by 16 basis points to 6.1405 against the US dollar in its central parity Wednesday, authorities said.
 
 
US nurse beat Ebola released from hospital
Washington, Oct 29 (IANS/EFE) Amber Vinson, one of the two Dallas nurses who cared for an Ebola-infected Liberian man and then infected with the virus themselves, was released from Emory University Hospital in Atlanta Tuesday after a 10-day stay.
 
 
Chinese peacekeepers to help build Ebola quarantine center
United Nation, Oct. Oct 29 (IANS) The Chinese contingent of the UN Mission in Liberia (UNMIL) will help build an Ebola Quarantine and Control Center in the capital city of Monrovia, a UN spokesperson said here Tuesday.
 
 
Obama urges not to discourage health workers going to West Africa
Washington, Oct 29 (IANS) US President Barack Obama warned Tuesday that returning healthcare workers should only be monitored "in a prudent fashion" and not be discouraged from going to West Africa to help curb Ebola outbreaks.
 
 
 

Latest from the Network

US unmanned spacecraft explodes shortly after launch
Washington, Oct 29 (IANS) An unmanned spaceship operated by a private US firm exploded just minutes after its launch Tuesday, media reported. The rocket blew up over the launch complex at Wallops Island, Virginia,...
Read more on Politics Balla
 
A$AP Rocky and Chanel Iman split
A$AP Rocky and Chanel Iman have reportedly ended their engagement. The 26-year-old rapper, who secretly proposed to the Victoria's Secret model in April after less than a year of dating, recently split from the 23-year-...
Read more on Celebrity Balla
 
Australian troops conduct G20 security training
Sydney, Oct 29 (IANS) Australian special forces troops have conducted G20 training exercises involving a mock hostage recovery operation in Brisbane Tuesday. Australian Defence Force spokesman for the G20, Maj. Gen....
Read more on Politics Balla
 
Nick Jonas angry over band split?
Los Angeles, Oct 29 (IANS) Pop star Nick Jonas is reportedly angry with his siblings over the breakup of their band - The Jonas Brothers. The trio disbanded in October last year after pulling out of a North American...
Read more on Celebrity Balla
 
Chinese peacekeepers to help build Ebola quarantine center
United Nation, Oct. Oct 29 (IANS) The Chinese contingent of the UN Mission in Liberia (UNMIL) will help build an Ebola Quarantine and Control Center in the capital city of Monrovia, a UN spokesperson said here Tuesday...
Read more on Business Balla
 
IS captures three gas wells in Syria
Damascus, Oct 29 (IANS) The Islamic State(IS) militants Tuesday captured three gas wells in Syria's central province of Homs, media reported. The IS captured the gas wells east of Palmyra in Homs after intense clashes...
Read more on Politics Balla
 
Jennifer Lawrence and Chris Martin's split wasn't dramatic
Jennifer Lawrence's split from Chris Martin reportedly ''wasn't dramatic.'' The 'Hunger Games' actress quietly decided to end her relationship with the Coldplay frontman a few weeks ago after four months of dating...
Read more on Celebrity Balla
 
Eddie Redmayne just wants to pay his mortgage
Eddie Redmayne says he is just trying to pay his mortgage. The 'Les Miserables' actor, who is set to marry antiques dealer Hannah Bagshawe in December, claims he doesn't consider himself ''a movie star'' and doesn't...
Read more on Celebrity Balla
 
Jane Lynch finalizes divorce
Jane Lynch's ex-wife Dr. Lara Embry received millions in their divorce. The 'Glee' star, whose split from clinical psychologist was finalized on Monday (10.27.14), following their separation in February 2012, reportedly...
Read more on Celebrity Balla
 
David McIntosh keen to marry Kelly Brook
London, Oct 29 (IANS) Following their recent reconciliation, actor David McIntosh says he wants to marry his on-off girlfriend Kelly Brook. The 28-year-old star is eager to wed the model in Mykonos, Greece, reports...
Read more on Celebrity Balla