Sometimes people are being paid to be demoted. Eric Schmidt became the CEO of Google after Larry Page; he became the executive chairperson of the company earlier this month. Moreover, this change positively reflected in his pocket. Being the CEO, he was getting a salary of $1 yearly which is an extremely popular figure when it comes to CEOs; however, now SEC Filling from Google stated that he will be getting $1.25 million yearly with the probability of a target bonus of 400% his base salary.
Eric has already been receiving an extremely generous compensation as he has stepped down as Google’s CEO: $100 million in stock and different stock options. In addition, he also announced that in January he is anticipated to sell 534,000 Google shares in the coming year that would be at the Google’s current stock price, which would net him around $280 million.
The increased salary and generous compensation by Google does not reflect much on the day-to-day spending habits of Schmidt, however. Frobes has stated that all this is just a pocket change for Schmidt; his net worth is around $6.3 billion.