April 25 (Bloomberg) -- Google Inc. Chief Business Officer Nikesh Arora received $46.7 million in total compensation last year, more than double from a year earlier, becoming the company’s highest-paid executive, a regulatory filing shows.
Chief Financial Officer Patrick Pichette was next highest, receiving $38.7 million in 2012, also more than doubling from a year earlier, according to the filing yesterday. The company awarded David Drummond, chief legal officer, $31.3 million during the year, a 71 percent boost from 2011.
Google’s net income gained 10 percent to $10.7 billion as sales increased 32 percent to $50.2 billion last year. The compensation increase was especially high in 2012 after the company last year started to hand out equity awards only in even-numbered years, according to the filing.
“Granting less frequently allows us to incorporate performance over a longer time period into our equity decisions,” Mountain View, California-based Google said in the filing. “We expect that future equity awards will also have higher at-grant target values than awards made under our pre-2012 annual granting practices.”
Chairman Eric Schmidt received total compensation of $7.63 million last year, down from $101 million in 2011, when his pay was boosted by stock and options valued at $93.8 million.
Chief Executive Officer Larry Page and co-founder Sergey Brin each received a $1 salary last year, unchanged from 2011. Page and Brin rank 25th and 26th, respectively, on the Bloomberg Billionaires Index.
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