Google co-founders left out of bonuses
Larry Page, Sergey Brin and CEO Eric Schmidt, who made millions of dollars in the IPO, get no work bonus this year.
In a filing with the U.S. Securities and Exchange Commission on Wednesday, Google said that the company has decided to present bonuses to its chief financial officer and three other executives, but said that no bonus was given to CEO Eric Schmidt, President of Products Page or President of Technology Brin.
However, each of the company's top officers, including Brin, Page and Schmidt, did receive a $1,566 holiday bonus. A Google representative was not immediately available for comment on the bonus program.
As for the bonuses that were awarded, Omid Kordestani, senior vice president of sales, received $700,000; George Reyes, chief financial officer, was given $605,000; and David Drummond, general counsel, and Wayne Rosing, engineering vice president, each got $600,000 bonuses.
Google has also said that Brin, Page and Schmidt will not be taking part in this year's bonus program, which could see executives garner up to $3 million. The three have benefited substantially from the company's 2004 initial stock offering.
Many other rank-and-file Google workers have also seen their fortunes rise. Analysts estimate that more than 1,000 Google workers became instant millionaires, albeit only on paper, when the company went public.