Google execs keep $1 salaries

Google execs keep $1 salaries | Tech News on ZDNet

Top executives of Google have once again agreed to be paid annual salaries of $1 each in 2006, counting instead on stock options and grants of the company’s volatile stock for their pay.

In a regulatory filing on Monday with the U.S. Securities and Exchange Commission, the Web search leader said it had approved a base salary of $1 for Chairman and CEO Eric Schmidt and its two co-founders and co-presidents, Larry Page and Sergey Brin.

The three were paid $1 a piece in salary during 2005.

The action–which was approved by Google last Tuesday but only disclosed this week–occurred ahead of the 14 percent decline in the company’s stock price last week amid investor concerns over the Internet sector’s growth outlook and revelation of a legal spat with the U.S. Justice Department.

But before anyone offers to spring for bus fare for Google executives, note that the 7 percent rebound in the price of the company’s stock on Monday alone means that Schmidt’s shares had recovered $413.8 million in value during the one-day trading session, according to CNET’s CEO Wealthmeter site. As a result, his total wealth in shares is roughly $6.3 billion.