Google Inc. will hand a thoughtful $100 million equity award to outgoing CEO Eric Schmidt, who in April will be succeeded by company co-founder Larry Page and take on the role of executive chairman. A rep for Google pointed out that it’s the first such award for Schmidt since he joined the company in 2001. (It’s like he’s practically been living in poverty this whole time!) It includes stock and stock options and vests over four years. According to “compensation experts,” Schmidt’s prize is “highly unusual.” In fact, research reveals that Schmidt’s award is the largest in grant-value dollars for a sitting CEO since Motorola Inc. awarded a grant valued at $103 million to its then co-CEO, Sanjay Jha, in August 2008. Schmidt also currently owns 9.2 million Google shares, which are valued at nearly $5.8 billion. Now it’s au revoir to his old job, with a parting gift to ease the transition.
Google Gives $100 Million Award to Outgoing CEO [WSJ]
Google Said to Grant $100 Million in Equity to Schmidt [Bloomberg]
