$100 Million for Google’s CEO as He Steps Down
Google recently announced that Eric Schmidt will step down as CEO so co-founder Larry Page can take his place on April 4th. On Saturday Poornima Gupta, a spokeswoman for Google, said that it was awarding Mr. Schmidt with a $100 million equity which includes stock and stock options to vest after four years.
This is the first award offered to Schmidt since joining Google in 2001 as board chairman. Schmidt will become executive chairman of Google and will focus on external affairs including deals, partnerships and government outreach. He has helped Google grown from $100 million to $29 billion in just 10 years. Recently, Schmidt filed to sell some of his Google shares with the SEC which are worth around $335 million according to several reports. “The pre-arranged trading plan was adopted in order to allow Eric to sell a portion of his Google stock as part of his long-term strategy for individual asset diversification and liquidity,” Google said in the filing.
Schmidt 55, currently owns 9.2 million shares which are valued at $5.8 billion. Some of those shares are “super-voting” Class B shares, allocated only to Schmidt and cofounders Sergey Brin and Larry Page.
Google hopes the new changes will keep search engine company into a moneymaking machine. It recently announcement that it earned $2.5 billion in the fourth quarter — the most for any three-month period in its 12-year history.