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Google Inc. (NASDAQ: GOOG) says that it has awarded $ 100 million worth of equity to Eric Schmidt who will vacate his CEO position later this year.
Stocks and options will be granted on February 2 and vest over four years. This is his first such award since joining the company ten years ago. Besides a base salary of $ 1, he earned compensation of $ 508,763 in 2008 and $ 243,661 in 2009. He was not granted any cash, stock, or options.
Schmidt’s move was explained as an effort to speed up decision-making at Google. His announcement titled “An update from the Chairman” mentioned the decision long in the making.
Google co-founder Larry Page will replace his position in April. Schmidt, 55, is one of Google co-founders’ controlling shareholders. Along with Sergey Brin and Larry Page, Schmidt has limited their salaries to $ 1 for years.
The news came on the same day that the search giant released their Q4 financial figures. Amid facing increased competition from Apple Inc., and Facebook, the company attempted to diversify revenue beyond flagship search business. The social networking giant Facebook took over Google to become the most visited website in the United States.
As of December 31, 2010, Eric Schmidt owned about 9.2 million of Google's shares. This amounts to about 9.6 percent of the voting power. The rate will add about 9.1 percent if he sells about 534,000 Class A shares.
Schmidt became Google’s CEO in August 2001. He was responsible for the company’s daily operations and "building the corporate infrastructure needed to maintain Google's rapid growth as a company and on ensuring that quality remains high while product development cycle times are kept to a minimum."
Schmidt was regarded as one of “The TopGun CEOs" by Brendan Wood International” in 2009. Also, he is one of few billionaires based on stock options.
