Google Nov. 8 rewarded four senior managers for a fine fiscal year by raising their base pay from $500,000 to $650,000. They may also bank bonuses of up to 250 percent in 2011.
Google's board of directors signed off on fat, 30 percent
pay raises for senior executives, dwarfing the 10 percent raises detailed by
Google CEO Eric Schmidt in a company-wide memo.
The search engine said in this 8-K filing
with the Securities and Exchange Commission Nov. 8 that four top
managers will receive pay hikes from $500,000 in 2010 to $650,000 in 2011.
The fortunate execs are CFO Patrick Pichette, Nikesh
Arora, president of global sales and business development, Alan Eustace, senior
vice president of engineering and research, and Jonathan Rosenberg, senior vice
president of product management.
All of these executive officers may also bank bonuses of
up to 250 percent of their base pay in 2011, a hike from the 2010 bonus of 150
percent. Half of the bonus will be based on individual performance and the
other half on the company's financial performance.
Pichette and Arora will receive stock grants valued at
$20 million for 2010. Eustace will getone for $10 million while Rosenberg will
take in $5 million, according to the filing.
CEO Schmidt and co-founders Larry Page and Sergey Brin,
whose compensation remains tied up in Google stock, will continue to earn
salaries of $1. They don't participate in Google's executive bonus benefit.
The SEC filing came days after Schmidt said Google was
rewarding all of its 23,000-plus employees
for a fine 2010 with a 10 percent raise
for 2011, along with $1,000 each in holiday bonus cash.
Schmidt said in his memo to employees:
"This salary increase is global and across the
board-everyone gets a raise, no matter their level, to recognize the
contribution that each and every one of you makes to Google."
a 32 percent Q3 profit hike, based on $2.17 billion on earnings per
share of $6.72. Revenues totaled $7.29 billion, up 23 percent from the same
period a year ago.
Google also wants to staunch the hemorrhage of its
employees leaving for Web rival Facebook, which has lured hundreds of Googlers
with the promise of pre-IPO stock grants along with the cool factor of helping
the social network become the next Google.