Eric Schmidt's departure from Google may have grabbed the headlines, but the terms of his leaving are now coming out.
Schmidt got a $100m equity award from Google as part of his decision to leave the company. The Wall Street Journal reports that the award is vested for four years and is part of a series of large cash awards made to key staff.
According to a November regulatory filing Google gave chief financial officer Patrick Pichette and Nikesh Arora, head of global sales, $20m each in equity awards. Alan Eustace, senior vice president of engineering and research, also got a $10m equity award, while Jonathan Rosenberg, senior vice president of product management, got $5m.
Poornima Gupta, a spokeswoman for Google, said Saturday that it was the first such award for Mr. Schmidt since he joined the company in 2001.
Under Schmidt's reign, the company always seemed
to make sure its core (read: money-making) business units were smoothly
functioning before giving time to the many side projects that gave Google its
reputation as a creative hotbed and a playground for budding engineers.
Eric Schmidt may not have had the creative vision or electrifying stage presence of a Steve Jobs or Marc Benioff, but when it's all said and done, history may well say that he was just the man Google needed at the time.
But awards like this make Sleuth wonder at the avarice of some people. Schmidt has 13 per of Google's Class B shares, with an estimated market value of roughly $5.7bn. Why on earth would a measly $100m act as an incentive?
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