Monday, June 16, 2014

Google grants Chairman Schmidt another $106M

The rich get even richer.

Google Chairman Eric Schmidt will receive a stock award valued at $100 million, plus a discretionary cash bonus of $6 million, the company said in a Tuesday filing.

Forbes ranked Schmidt among the world's wealthiest in 2013, with a net worth of about $8.3 billion, largely from his stake in Google. Even with Wall Street's recent slide, Google shares, which closed Tuesday at $1,138.16, are up nearly 50% from their 52-week lows.

Google's board said its compensation committee awarded the stock grant and cash "in recognition of (Schmidt's) contributions to Google's performance in the last fiscal year.

The stock vests over a four-year period, beginning in 2015.

Schmidt, 58, was CEO of the Internet search giant until 2011, ending a 10-year run, when he was named executive chairman. At the time, Google awarded him compensation valued at $101 million.

At many companies, the role of chairman is mostly part time and an advisory role. And rarely is a board chair compensated so handsomely.

But Google said in last year's proxy that Schmidt "remains involved in key matters, such as major transactions, broader business and customer relationships, and government relations, which are increasingly important given our global reach."

"His role enables decisive leadership, ensures clear accountability, and enhances the ability to communicate our message and strategy clearly and consistently to our stockholders, employees, customers, and users,'' the company said.

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