Google Inc. (GOOG) Chairman Eric Schmidt received a compensation package of more than $100 million, adding to his more than $10 billion in net worth, after the company’s share price jumped to a record.
Schmidt will get an equity award of $100 million that will vest over four years beginning in May 2015, the Mountain View, California-based company said yesterday in a regulatory filing. He will also receive $6 million as a cash bonus later this month “in recognition of his contributions to Google’s performance in fiscal year 2013,” according to the filing.
Google’s shares surged 58 percent last year, about double the gain in the Standard & Poor’s 500 Index, as revenue climbed 19 percent. Schmidt, who stepped down as chief executive officer of the world’s largest search engine in 2011, is the 15th richest technology executive in the world, with a net worth of $10.2 billion, according to the Bloomberg Billionaires Index.
The disclosure of Schmidt’s pay comes as Google finds itself in the middle of a debate about income inequality in the San Francisco Bay Area. Protesters concerned about pay disparity and rising real estate prices have demonstrated at or near bus stops used by Google buses that transport employees from San Francisco to its Silicon Valley headquarters.
Schmidt received total compensation of $7.63 million in 2012, down from $101 million in 2011, when his pay was boosted by stock and options valued at $93.8 million.
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