Google Senior Execs Get 30% Raises, Bigger Bonuses
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."
Google revealed 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.