Google CEO Eric Schmidt and co-founders and co-presidents Larry Page and Sergey Brin will retain the $1 paid salaries from 2005, according to a filing this week with the U.S. Securities and Exchange Commission. The three will instead rely on stock options and grants for their pay.
The action, approved by Google last week but only made known yesterday came during a week in which Google"s stock lost 14 percent amidst fears stemming from a flap with U.S. Justice Department. However, don"t expect to see these men on the streets any time soon. Google"s stock recovered 7 percent yesterday, meaning that Schmidt"s stock value alone increased $413.8 million in a single day of trading. His total wealth in shares is estimated at $6.3 billion.
Google"s policy of paying top executives $1 started in the second quarter of 2004, leading up to the company"s initial public offering in August 2004.