Eric Schmidt’s role as chief executive officer of Google, Inc. for the last decade will be awarded $100 million worth of stock and options, the Internet company said on Monday.
Schmidt announced last week that he would become Google’s executive chairman after making way for cofounder Larry Page to become the new head of the leading Internet search company beginning in April.
The $100 million payout will be spread out over the next few years.
According to a regulatory filing, Schmidt also owns 9.2 million Google shares, a stake which is roughly equivalent to $5.8 billion, or 9.6 percent of the company’s voting rights. This instance is the first equity compensation for Schmidt since he became part of the company as board chairman in 2001.
Going forward, Schmidt will still have an influential role in the company in terms of continuing relationships in political circles and other external issues says Google.
Schmidt has been accredited with the growing success of Google. However, in an interview with Reuters, he admits that his decision to step down was not due to competitive forces from players such as social network platform Facebook, Inc., but rather an attempt to enhance internal decision-making processes.
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