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Google backslaps Schmidt with $100m award

Take the money and hum

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Google’s outgoing CEO Eric Schmidt, who will be succeeded by the company’s co-founder Larry Page in April, will reportedly pocket a $100m equity award.

According to Bloomberg, which cites a person familiar with the matter, Schmidt’s payout is the first such equity award he will have received since joining Google as board chairman 10 years ago.

Stock units and options on shares that will vest over four years are included in the award, said the news agency.

A regulatory filing posted by Google late last week said that Schmidt plans to sell about 5.8 per cent of his stock – which is valued at around $326.7m – in the Mountain View Chocolate Factory.

Schmidt owned about 9.2 million shares in Google at the end of 2010. He now plans to sell around 534,000 shares, said the filing.

In related Schmidt news, the soon-to-be ex-boss of Google will be hanging out with some members of UK.gov later today.

“Looking forward 2 mtg Eric Scmidt [sic] later, wonder if like Mark Zuckerberg a Downing St visit means he'll break habit of lifetime & wear a tie,” asked Culture Secretary Jeremy Hunt on his Twitter account.

But hey, those Silicon Valley types aren’t real suited-and-booted businessmen, are they? ®

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