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.

About the author

Edward Moyer is an associate editor at CNET News and a many-year veteran of the writing and editing world. He enjoys taking sentences apart and putting them back together. He also likes making them from scratch.

 

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