The three executives who run Google Inc. each got a salary of $1 (75 EUR) last year. But Chief Executive Eric Schmidt and co-founders Larry Page and Sergey Brin made up for it in the large stakes they own in the online search leader, which has made them billionaires.
Besides his $1 (75 EUR) salary, Schmidt, who was No. 116 on Forbes magazine's most recent ranking of American billionaires, received a bonus of $1,723 (1,290 EUR) and "other compensation" valued at $555,742 (416,224 EUR), according to a proxy statement filed with the Securities and Exchange Commission on Wednesday. Of his other compensation $532,755 (399,008 EUR) was for personal security.
Google's shares closed 2006 at $460.48 on the Nasdaq Stock Market, up 11 percent for the year. The stock started at $85 when it went public in August 2004.
Schmidt, 51, owns 10,096 of Google's Class A shares and 10.7 million of its Class B shares. At the end of 2006, those securities were worth about $4.9 billion (3.67 billion EUR).
Brin, 33, and Page, 34, shared the No. 26 spot on the Forbes U.S. billionarie list, published in March. Each are worth $16.6 billion (12.43 billion EUR), according to the magazine's estimate. Brin beneficially owns 28.6 million of Google's B stock, which was worth about $13.2 billion (€9.89 billion) at the end of 2006. and Page owns 29.2 million shares, worth about $13.4 billion (10.04 billion EUR) at the end of the year.
In addition to their $1 (75 EUR) salaries, Brin and Page each received a bonus of $1,723 (1,290 EUR); of that, $1,000 (749 EUR) was a holiday bonus awarded to each Google employee. Page, whose title is president of products, topped Brin's $1,724 (1,291 EUR) compensation package with compensation valued at $38,519 (28,849 EUR). He received perks totaling $36,795 (27,558 EUR), which consisted of $33,195 (24,861 EUR) for transportation, logistics and security during personal travel and $3,600 (2,696 EUR) for personal travel using rental cars.
Google does not maintain executive retirement programs such as executive pension plans, deferred compensation plans or other executive retirement benefits.
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969