Google CEO Eric Shmidt
BusinessWeek is reporting that Google CEO Eric Schmidt, who recently resigned, received no pay or stock options for his service on the Board of Directors at Apple. He did however receive gear from the company valued at $8,712 in fiscal 2008, this comes from Apple’s program offering Board members one of each new product introduced and discounts for additional purchases from Apple. In addition to the gear each and every board member received a “commemorative gift” in fiscal 2008 valued at $7,580 alongside cash to offset the taxes for the gift.
Schmidt’s decision not to be paid for his Apple service differs from the compensation plan Apple put in place for directors in 1997, around the time Steve Jobs returned as CEO. Under the plan, Apple grants outside directors the option to acquire 30,000 Apple shares. The options vest over three years. For every year after that, directors are granted options to purchase an additional 10,000 shares, which vest immediately.
Additionally, Apple pays directors an annual fee of $50,000, in quarterly increments of $12,500. Apple filings show that Schmidt, from the beginning of his service as a director in 2006, declined both the retainer fee and the stock options.
No one can claim he’s after money. Granted he has a mountain but he never took payment or stock from Apple, and only receives $1 salary from Google.
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TAGS: Eric Schmidt, resigned, stock
