360° Coverage : Another year, another $1 for Google co-founders

2 Updates

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...

Filed under: news

 
 
 

22 weeks ago

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

 
Update
2

4 days ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a ne ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

5 days ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the double tragedies of MH370 and MH17" h ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

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

Indian-born scientist wins prestigious US award
Washington, Sep 3 (IANS) India-born scientist Dr Thomas John Colacot has won the American Chemical Society's ACS Award in Industrial Chemistry, one of the top honours in the field.
 
 
Beheading of second journalist shocks US; White House in crisis mode
Washington, Sep 3 (IANS) As the beheading of a second American journalist by the Islamic State (IS) terror group sent shock waves through the nation, US President Barack Obama authorised 350 additional troops be deployed to Iraq
 
 
China's yuan weakens
Beijing, Sep 3 (IANS) The value of the Chinese currency renminbi, or the yuan, retreated 13 basis points to 6.1697 against the US dollar in its central parity Wednesday, authorities said.
 
 
No link between Ebola outbreaks in West Africa, DRC : WHO
Geneva, Sep 3 (IANS) The World Health Organisation Tuesday said the outbreak in Democratic Republic of Congo (DRC) is "a distinct and independent event", with no relationship to the epidemic in West Africa.
 
 
 

Latest from the Network

Charity rejects donations by people who saw nude photos
Sydney, Sep 3 (IANS) Prostate Cancer Foundation of Australia has rejected donations by Reddit users who tried to absolve themselves of the "sin" after having looked at hacked nude photos of Hollywood celebrities. "A...
Read more on Celebrity Balla
 
Canada joins NATO war game in Latvia
Ottawa, Sep 3 (IANS) Canada is participating in NATO's war game in Latvia, the Canadian Department of National Defence said. The "Operation Reassurance" refers to military activities conducted by the Canadian armed...
Read more on Politics Balla
 
AnnaLynne McCord reveals Lara Croft ambition
AnnaLynne McCord has revealed she dreams of playing Lara Croft in a 'Tomb Raider' movie. The 'Dallas' actress says she would like to appear in more action roles, following her appearance in the horror film 'Excision',...
Read more on Movie Balla
 
PM Modi wraps up Japan visit, flies home
Tokyo, Sep 3 (IANS) Prime Minister Narendra Modi wrapped up his five-day visit to Japan Wednesday and flew home. He is expected to arrive at New Delhi in the evening. During his visit, Japan promised to give $35...
Read more on Politics Balla
 
Indian-born scientist wins prestigious US award
Washington, Sep 3 (IANS) India-born scientist Dr Thomas John Colacot has won the American Chemical Society's ACS Award in Industrial Chemistry, one of the top honours in the field. Colacot, who studied at St Berchman'...
Read more on Apple Balla
 
Beheading of second journalist shocks US; White House in crisis mode
Washington, Sep 3 (IANS) As the beheading of a second American journalist by the Islamic State (IS) terror group sent shock waves through the nation, US President Barack Obama authorised 350 additional troops be...
Read more on Ad Balla
 
Suge Knight knows who shot him
Suge Knight says he knows who shot him at Chris Brown's party last month. The 49-year-old music producer, who was shot six times at the 'Loyal' hitmaker's pre-bash for the MTV Video Music Awards (VMAs) at 1Oak nightclub...
Read more on Celebrity Balla
 
Claire Danes says motherhood is challenging
Claire Danes admits she sometimes resents being a mother. The 'Homeland' actress, who has a 21-month-old son, Cyrus, with husband Hugh Dancy, also says marriage is hard, but insists she is besotted with both of the men...
Read more on Celebrity Balla
 
China's yuan weakens
Beijing, Sep 3 (IANS) The value of the Chinese currency renminbi, or the yuan, retreated 13 basis points to 6.1697 against the US dollar in its central parity Wednesday, authorities said. In China's foreign exchange...
Read more on Business Balla
 
Miltos Yerolemou joins 'Star Wars Episode VII' cast
Los Angeles, Sep 3 (IANS) Miltos Yerolemou, who was seen as swordsman Syrio Forel in TV show "Game of Thrones", joins the cast of "Star Wars Episode VII". Harrison Ford, Carrie Fisher and Mark Hamill return as Han...
Read more on Celebrity Balla