We felt a teeny bit sorry for enigmatic privacy-clown Eric Schmidt after Google decided to give him the drop for Larry Page.
Not so much now. He’s reportedly receiving a $100 million equity award for taking his leave.
Poornima Gupta, a spokeswoman for Google, told the WSJ that it was the first such award for Schmidt since he joined the company in 2001. She said the sum included stock and stock options, and vests over four years.
The Journal suggets the award has an aroma not dissimilar to the Gadus macrocephalus – that is to say, something fishy. According to compensation experts, such equity awards are given to new CEOs rather than sitting chief execs. Could the cheque, in the post, consist of “hush” dollars or come with a gagging order? The outspoken ex-exec certainly has a habit of waggling his tongue.
Schmidt’s demotion was announced late last week when it was said that Google co-founder Larry Page would succeed him as CEO of the company.
Schmidt will relinquish day to day operations in early April.
Following the announcement it was later reported that Mr. Schmidt had filed paperwork to sell company shares currently valued at $335 million, his first such sale in more than three years.