[Geeks are Sexy] technology news

Wednesday, January 25, 2006

Google execs are getting paid 1$ per year

That's right. 1$.

Last week, after the news that the company had a little legal fight with the U.S. Justice Department, Google’s stock price experienced a 14% drop. Google then decided to publish their execs salary for 2005 and 2006: Chairman and CEO Eric Schmidt and its two co-founders and co-presidents, Larry Page and Sergey Brin have been paid a salary of 1$ for the past year, and will keep that salary for 2006. At that point, the stock immediately gained 7%. This means that Eric Schmidt's personal shares had recovered $413.8 million. As you can see, if you own a company and lower your salary, you can end up richer. Good move Google!

Read more on ZDNet.


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