Former Google CEO Eric Schmidt will get quite the pay rise after stepping down, as his salary will increase from US$1 a year to US$1.25 million.
Schmidt, along with Google co-founders Larry Page and Sergey Brin, limited to their salaries to US$1 a year while working in the company. They weren’t exactly strapped for cash though, due to the fact they own large stakes in the multinational corporation.
However, since stepping down from CEO to a company chairman position, Schmidt will receive a huge pay rise in his salary, increasing from a dollar to US$1.25m per year, according to an SEC filing.
He will also be allowed to receive a target bonus of 400pc of his base salary, meaning he could be in with the chance to get US$6m a year.
This isn’t the only piece of compensation Schmidt has received from Google. Earlier in 2011, he received US$100m in stock and stock options while he was still CEO.
In spite of these recent pay rises, ultimately, these returns may not matter hugely to Schmidt. According to Forbes, he’s already one of the richest men in the world, worth US$7bn.