April 20, 2011, 8:57 AM — Great. Now Steve Jobs will want a similar pay hike.
Eric Schmidt, who like the Apple co-founder has long been paid an annual salary of $1 as chief executive of his company, will now draw base pay of $1.25 million annually in his role as executive chairman of search giant Google.
The Wall Street Journal reports that Schmidt, who handed over the CEO reins to Google co-founder Larry Page earlier this month, also is in line for yearly bonuses of up to $6 million.
It gets better for Schmidt. From the WSJ:
As of January, Schmidt owned 9.2 million Google shares, which were valued at nearly $5.8 billion and represented 9.6% of the company’s voting power, according to a securities filing.
There's more: Schmidt also will get $25 million annually for the next four years as part of an equity award granted in January, which the WSJ reports "was considered highly unusual for a sitting CEO."
Sitting, standing or lying down, I'd say.
Google announced in late January that Schmidt would step aside from the CEO post he has held for a decade. At the time, Schmidt said Page and Google co-founder Sergey Brin no longer needed "adult supervision" -- nice, since they're both in their late 30s, and I think they even started shaving!
But many industry observers wondered if the move was related to growing concerns about Google's ability to compete in a social networking world and criticisms about cloddish statements by Schmidt regarding user privacy.