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U.S. markets recover from steep losses
MOUNTAIN VIEW, Calif., Jan. 24 (UPI) -- Departing Google Chief Executive Officer Eric Schmidt is receiving a severance package worth $100 million, a regulatory filing revealed Monday.
Schmidt, who is staying on as the executive chairman of Google's board of directors, has been paid $1 per year since 2004, but he cannot spend his CEO severance pay for another four years because it is tied up in a restricted stock-and-option package, CNNMoney.com reported.
Aside from a $250,000 salary he accepted from 2001 through 2004, the severance package is the first stock-and-option deal Schmidt has received since he signed on as CEO. At the time he took the position, however, Schmidt was awarded a stock package that gave him ownership of 3 percent of Google, a deal that helped push his total worth to $5.8 billion.
Last week, Schmidt announced he will depart as CEO on April 4 and hand over the position to the company's founding CEO, Larry Page.
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