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Executive Editor

Google’s Eric Schmidt Gets Big Raise to Go with $100 Million Sock Award

Apr 21, 20112 mins
Build AutomationEnterpriseGoogle

Eric Schmidt took home a pay package worth $313,219 in his final full year as CEO of Google. Now that he's executive chairman, Schmidt is getting a $1.25 million salary, a bonus up to $6 million and a $100 million stock package.

Eric Schmidt took home a pay package worth $313,219 in his final full year as CEO of Google. Now that he’s executive chairman of Google’s board of directors, Schmidt is getting a much bigger paycheck, according to documents filed this week with the U.S. Securities and Exchange Commission. He’s also getting a $100 million stock package.

BY THE NUMBERS: Perks drive up pay for tech CEOs

Last year Schmidt took his customary $1 salary — as did Larry Page, who replaced Schmidt as CEO, and Google co-founder Sergey Brin. None of the three executives received any new equity awards in 2010.

Schmidt also received $311,433 in perks and other compensation, which consists of $268,012 for personal security and $43,421 related to aircraft costs for family and friends. The remainder of his 2010 compensation is a $1,785 cash bonus. (See also: “Perks shrink, but tech CEOs aren’t ready to fly coach“)

The company, meanwhile, grew revenue and profits by 24% and 30%, respectively, in its fiscal year ended Dec. 31. Google reported $29.3 billion in revenue, up from $23.7 billion in 2009. Net income came in at $8.5 billion, up from $6.5 billion a year earlier.

Looking ahead, Schmidt stands to be paid considerably more as Google’s executive chairman than he was as CEO. Effective April 4, his annual base salary was increased to $1.25 million. Schmidt also is eligible for a bonus equivalent to 400% of his base salary, or $6 million.

Schmidt’s bumped-up salary and bonus plan are in addition to a $100 million equity award that Google’s compensation committee approved for Schmidt in late January, shortly after his job change was announced. The $100 million stock package will vest over the next four years.

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