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Google chief executive, co-founders get $1 salary in 2006

Google chief executive, co-founders get $1 salary in 2006

The three executives who run Google Inc. each drew a salary last year of $1 (euro.75). But Chief Executive Eric Schmidt and co-founders Larry Page and Sergey Brin more than made up for it in the large stakes they own in the online search leader, which has made them billionaires.
Besides his $1 (euro.75) salary, Schmidt, who was No. 116 on Forbes magazine's most recent ranking of American billionaires, received a bonus of $1,723 (euro1,290) and "other compensation" valued at $555,742 (euro416,224), according to a proxy statement filed with the Securities and Exchange Commission on Wednesday. Of his other compensation $532,755 (euro399,008) was for personal security.
Google's shares closed 2006 at $460.48 on the Nasdaq Stock Market, up 11 percent for the year. The stock started at $85 when it went public in August 2004.
Schmidt, 51, owns 10,096 of Google's Class A shares and 10.7 million of its Class B shares. At the end of 2006, those securities were worth about $4.9 billion (euro3.67 billion).
Brin, 33, and Page, 34, shared the No. 26 spot on the Forbes U.S. billionarie list, published in March. Each are worth $16.6 billion (euro12.43 billion), according to the magazine's estimate. Brin beneficially owns 28.6 million of Google's B stock, which was worth about $13.2 billion (euro9.89 billion) at the end of 2006. and Page owns 29.2 million shares, worth about $13.4 billion (euro10.04 billion) at the end of the year.
In addition to their $1 (euro.75) salaries, Brin and Page each received a bonus of $1,723 (euro1,290); of that, $1,000 (euro749) was a holiday bonus awarded to each Google employee. Page, whose title is president of products, topped Brin's $1,724 (euro1,291) compensation package with compensation valued at $38,519 (euro28,849). He received perks totaling $36,795 (euro27,558), which consisted of $33,195 (euro24,861) for transportation, logistics and security during personal travel and $3,600 (euro2,696) for personal travel using rental cars.
Google does not maintain executive retirement programs such as executive pension plans, deferred compensation plans or other executive retirement benefits.


Updated : 2021-10-23 00:55 GMT+08:00