Google's Schmidt gets $100 million stock award

Award is largest in grant-dollars for a sitting CEO since Sanjay Jha, Motorola's then co-chair, received a $103 million grant in 2008, according to a report.

Google's Eric Schmidt, who, the company said Thursday, will move from CEO to executive chairman in the spring, has received an award of $100 million in stock and stock options, according to a report.

Following on an initial report from Bloomberg, and citing compensation specialists and data, The Wall Street Journal called the award "highly unusual" for a sitting CEO, adding that equity awards like this are usually given to new chief executives.

The Journal said Schmidt's award, which vests over four years, is the largest in grant-dollars for a sitting CEO since Sanjay Jha, Motorola's then co-chief, received a $103 million grant in 2008.

Schmidt has been CEO of Google for the past decade, as the company has become known worldwide for its impressive monetary value and its various tech- and Internet-related initiatives.

On Thursday, the same day it announced that Schmidt would hand the CEO reins to Google co-founder Larry Page, Google reported fourth-quarter revenue of $6.37 billion (minus traffic acquisition costs)--ahead of analyst estimates. Net income for the quarter was $2.54 billion, or $2.85 billion, excluding onetime charges, and earnings per share were $8.75, beating analyst estimates of $8.09 excluding charges.

Featured Video

Huge scientific breakthrough and a big hole in Windows patched

Researchers find a new way to observe the universe. Meanwhile, Microsoft issued an update that fixes a major flaw in Windows.

by Iyaz Akhtar