Google''s USD 100-mn compensation to outgoing CEO

Larry Page to succeed Eric Schmidt

PTI | January 24, 2011



Google Inc, fresh off announcing a management shake-up, will give a USD 100 million equity award to outgoing Chief Executive Eric Schmidt, who in April will be succeeded by company co-founder Larry Page, says a media report.

"Google ... will give a USD 100 million equity award to outgoing Chief Executive Eric Schmidt," the Wall Street Journal reported.

It was the first such award for Schmidt since he joined the company in 2001. It includes stock and options, the report said citing a Google spokesperson as saying.

Other top Google executives have periodically received smaller equity awards, the report added.

Last week, the company said Schmidt 55, would become executive chairman to work on external matters such as partnerships and government relationships. Schmidt and Page said the moves are intended to speed up decision-making at the top of the Internet giant, which also posted strong fourth- quarter results.

The management reshuffle has been brought about to "streamline decision making and create clearer lines of responsibility and accountability" at the top of the company, Schmidt said.

Schmidt oversaw a period of tremendous growth as chief executive for the past decade, as Google turned into a Web search-engine powerhouse with a complementary search-ad business. The company has since expanded to graphical and video ads, as well as developing operating systems for mobile devices and laptop computers, among other things.

Meanwhile, the report noted that Schmidt had filed paperwork to sell company shares currently valued at USD 335 million this year, his first such sale in more than three years.

He currently owns 9.2 million Google shares, which are valued at nearly USD 5.8 billion and represent 9.6 per cent of the company's voting power. When the sale is completed this year, the voting power would fall to 9.1 per cent, the report noted.

 

Comments

 

Other News

How the mind can help the body heal itself

Why do some people recover from illness against all odds? Can our beliefs, emotions and consciousness influence the body’s ability to heal? Drawing on over three decades of experience in medicine, research and medical innovation, internationally trained ophthalmologist and author Dr Dinesh Verma ex

1,364 anti-cancer formulations to cost less from today

The National Pharmaceutical Pricing Authority (NPPA), under the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has capped trade margins on the Maximum Retail Price (MRP) of 137 anti-cancer drugs. This was based on the recommendations of an Expert Committee constitute

Who checks the books?

I read about the news about the Coimbatore library over coffee this morning. On the face of it, the headline was about a political ‘war’ between the DMK and TVK. But what stayed with me was something much more important than the blame game behind what had transpired. A writer walking through

Development paradox: Falling poverty miracle and an inequality problem

India’s reduction in poverty over the past decade is a development achievement of considerable significance. The World Bank’s April 2026 ‘India Development Update’ estimates that the share of Indians living below the international extreme-poverty line of $3.00 per person per day i

In Arunachal, a river we call mother

In Arunachal Pradesh, the Siang is not just a river. For many of us, especially the Adi people, it is part of our family. Our grandparents fished in it. Children learned to swim in it. Our farms drink from it. When someone says a huge dam will be built on it, we do not hear the word "project".

A new retelling of the Mahabharata delves into key moments

In a time when every decision carries consequences and questions of ambition, power, loyalty, identity and moral choice continue to shape our lives, Dr. Arun Krishnan’s new book, ‘Mahakshana’ (Penguin India) offers a strikingly relevant retelling of the Mahabharata.  

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter