Google Gives Eric Schmidt $100 Million Sendoff
Following the did-he-jump-or-was-he-pushed debates that surfaced last week, there’s good news for Eric Schmidt: vacating the role of CEO of Google will be more lucrative than working a normal job for a lifetime. It turns out Google intends to give Schmidt an awards package worth $100 million.
That doesn’t quite mean exotic car dealers close to Mountain View should expect Schmidt to drop by and offer cash for one of every model. Amir Efrati wrote this weekend, "[The awards package] includes stock and stock options, and vests over four years."
Still, Google’s chairman-to-be is doing more than all right for himself. Efrati continued, "Mr. Schmidt’s equity award is highly unusual, according to compensation experts and compensation data. Most such equity awards are given to new CEOs rather than sitting CEOs. And Mr. Schmidt’s award is the largest in grant-value dollars for a sitting CEO since Motorola Inc. awarded a grant valued at $103 million to its then co-CEO, Sanjay Jha, in August 2008 . . ."
Another detail to consider: Schmidt has decided to sell shares of Google currently worth about $334 million.
The one problem here might be a negative reaction on the part of Google’s shareholders. Google’s stock is down 0.31 percent this morning, even though the Nasdaq is up 0.32 percent and the Dow has risen 0.15 percent.