1/24/2006

Google execs take $1 annual pay

Filed under: — By Aviran Mordo @ 12:27 pm

Top executives of Google Inc. have once again agreed to be paid annual salaries of $1 each in 2006, counting instead on stock options and grants of the company’s volatile stock for their pay.

In a regulatory filing on Monday with the U.S. Securities and Exchange Commission, the Web search leader said it had approved a base salary of $1 for Chairman and CEO Eric Schmidt and its two co-founders and co-presidents, Larry Page and Sergey Brin.

The three were paid $1 a piece in salary during 2005.

The action — which was approved by Google last Tuesday but only disclosed this week — occurred ahead of the 14 percent decline in the company’s stock price last week amid investor concerns over the Internet sector’s growth outlook and revelation of a legal spat with the U.S. Justice Department.

But before anyone offers to spring for bus fare for Google executives, note that the 7 percent rebound in the price of the company’s stock on Monday alone means that Schmidt’s shares had recovered $413.8 million in value during the one-day trading session, according to CNET’s CEO Wealthmeter site. As a result, his total wealth in shares is roughly $6.3 billion.

Source: Reuters

 

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