Eric Schmidt may have to get his personalized stationary reprinted, now that Larry Page has taken over as Google CEO, but the new Executive Chairman of the Google board shouldn’t have any issues paying for fresh letterheads given the whopping salary boost that comes with the position. As CEO, Schmidt was earning a single dollar per year; as Executive Chairman, that jumps to $1.25m along with some juicy bonus potential.
In fact, Schmidt’s target bonus is 400-percent of his base salary. In 2011 he could potentially take away a $6m bonus, depending on Google’s overall performance, according to the SEC filing that reveals the figures.
Schmidt had followed in Google co-founders Larry Page and Sergey Brin in taking just $1 in annual salary each year since 2005. The three execs hold considerable shares in the search giant, of course; Schmidt himself has just sold around $300m worth.