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It's not often that you end up being paid more for being demoted or stepping down from your position as a high level exec. But for Eric Schmidt, the former CEO of Google who was recently replaced by Larry Page, his new position as Executive Chairman is a much more lucrative one. To be fair, even a gig flipping burgers at a fast food joint would have been more lucrative than the $1 annual salary he received as CEO, but there's not a fast food chain in the world that would have paid him $1.25 million a year, and that's before bonuses.
According to a document Google filed with the Securities and Exchange Commission, Schmidt is also eligible to receive a "target bonus of 400 percent of his base salary." As outlined in the filing, "Eric's actual bonus payment for 2011 can range from zero to a maximum of $6 million."
Not a bad pay raise, which is on top of the $100 million in stock and stock options Google gave him when he stepped down. And it's not as though he needs the money (does anyone really need $6 million annually?), as Schmidt ranks No. 136 on Forbes' list of fat cats with a net worth of $7 billion, which is 'only' $1.3 billion less than what Steve Jobs (No. 110 on the list) is worth.
Image Credit: Flickr (World Economic Forum)
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Bowealman09
April 21, 2011 at 2:37am
Do you get clean money from this blog or are you doing it vindicatory for fun?
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warptek2010
April 20, 2011 at 5:16pm
Seriously, not against anybody making a buck. And I know about market economy rules, you get what you pay for etc... but someone from say another dimension would have to explain to me how one person... short of saving the entire human race from some cosmic catastrophe... does ANYTHING to earn 1.25 million (plus bonuses!) I don't think Google was in any serious threat from financial collapse if say this guy didn't do anything all year. No one can possibly be worth that much. I include pro athletes, actors, politicians and celebrities in this... I dunno, maybe someone can explain if I am missing something here.
b_c_pc
April 20, 2011 at 11:37am
If his pay went from $1 to $1.25 million, that's a 125 million percent pay increase...
