It's good to be Google's Executive Chairman. When Eric Schmidt handed over the reigns to Larry Page on April 4 as Google CEO, Schmidt's token $1 yearly salary ballooned to a $1.25 million base salary per year, with the ability to earn a bonus of 400 percent of his base salary -- up to a maximum bonus of $6 million, according to this SEC filing.
Schmidt, with a net worth of $5.45 billion as of last August, has already taken home lots of cash this year. In addition to this raise, Schmidt was awarded a $100 million equity award in February, under the condition that he remain with Google for four years to claim the entire award. One month before that, Schmidt sold 534,000 shares for $335 million.
This news comes a day after a CNNMoney report that Schmidt, who is a top candidate to become Commerce Secretary, might have to sell his stake in Google to take the job to avoid a conflict of interest.
"Conflicts could arise if any assets or securities that a nominee holds could benefit from their decision making. Those conflicts must be nullified for the appointee to be given the job," CNNMoney reported.
Schmidt owns 9 million shares of Google, valued at nearly $5 billion. If appointed, he would have 90 days to sell his stake in Google.
The SEC filing also made official two new job titles within Google:
- Alan Eustace is now Google's Senior Vice President, Knowledge (formerly Senior Vice President, Engineering & Research)
- Shona Brown is now Senior Vice President, Google.org (formerly Google's Senior Vice President, Business Operations)