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Here’s how much Google pays to make sure Eric Schmidt sticks around

Published Feb 5th, 2014 12:10PM EST
Google's Eric Schmidt Pay

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Google’s

former CEO and current chairman is a precious asset for the company and it shows, with Eric Schmidt now getting paid “a lot more than he did when he was running the Internet company,” Associated Press writes. According to a new document filed with the U.S. Securities and Exchange Commission (SEC), Google is rewarding the exec with $100 million in restricted stock, on top of a $6 million cash bonus received last year.

This is the second time the exec is receiving a $100 million restricted stock bonus in the three years since he has been replaced at Google’s helm by Larry Page, one of the company’s co-founders. The first batch of restricted stock was awarded to Schmidt soon after Page took over the CEO position, and should vest next year. The new award will be granted on Wednesday, and will vest over a four-year period starting with May 2015.

Essentially, Google is paying Schmidt a considerable amount of money for the exec to stick around as an executive chairman. Schmidt, who has amassed an estimated $8 billion from the stock he either received or bought when he became CEO in 2001, did not have a huge salary and did not receive significant bonuses or stock awards while he was in charge of the Search giant – his salary was capped at $1 for the final six years of his tenure, and annual bonuses did not exceed $2,000 during that time.

Chris Smith Senior Writer

Chris Smith has been covering consumer electronics ever since the iPhone revolutionized the industry in 2008. When he’s not writing about the most recent tech news for BGR, he brings his entertainment expertise to Marvel’s Cinematic Universe and other blockbuster franchises.

Outside of work, you’ll catch him streaming almost every new movie and TV show release as soon as it's available.