Google CEO Schmidt Doesn't Do It For the Money

By August 10, 2009 1 comment

Google CEO Eric Schmidt left Apple's Board of Directors last week, and now some unique details about his time spent at the Cupertino company are becoming public. All of these details have to do with how much - or how little - Schmidt has made in the past few years. Over a decade ago, when Steve Jobs came back to Apple as CEO, the company granted outside directors 30,000 shares for the first three years, and 10,000 shares per year after that. They also pay directors an annual fee of $50,000. Business Week 's review of Apple's filings for the last few years show that Schmidt declined both the fees and stock options since he began his directorship in 2006. Instead, he bought 10,000 shares in the open market in September of the same year.

But he did not turn all of his benefits down. Directors also receive one of each new Apple product for free, as well as the option to buy more of them at a discount. Schmidt received $8,712 worth of products in fiscal 2008, which was more than any other director besides Al Gore and Arthur Levinson. He also received a "commemorative gift" valued at $7,580 and a cash payment to offset tax liability for the gift.

Schmidt acts much the same on his own turf in Mountain View, with an annual salary at Google of $1, just like Steve Jobs at Apple.

His resignation from the Apple Board is due to reasons such as increased competition between Google and Apple, which would impact his role as a board member. "Eric’s effectiveness as an Apple Board member will be significantly diminished, since he will have to recuse himself from even larger portions of our meetings due to potential conflicts of interest," said Steve Jobs on an Apple press release . According to Jobs, the decision was mutual after announcements of Android and the Chrome OS.

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1 Comment

I had no idea Al Gore was on Google's board of directors.

Submitted by BarryInOrangeCounty (not verified) - on August 24, 2009 at 11:10 pm

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