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Monday April 11, 08:03
Google’s executives keep working for a $1 a year
(by Helen Snow)

Google’s executives keep working for a $1 a year

Google Inc.’s founders and chief executive keep on turning down huge salaries.

A recent SEC register indicates that Google Chief Executive Eric Schmidt and founders Larry Page and Sergey Brin received clipped salaries of 2004 after their request for a nominal salary of $1 a year for the second quarter of 2004. Mr. Schmidt received $81,432 last year, down from $250,000 in 2003, while Mr. Page and Mr. Brin each was paid $43,750, falling down from $150,000 each in 2003.

Google informed in the filing that Messrs. Schmidt, Brin and Page have been recently offered an increase in salary and bonus for 2005 if the company would continue its upsweep due to their effective management. However, the three executives preferred to receive salaries of $1, the filing said.

In February, Google said in a filing for the SEC that its board worked out a 2005 bonus plan for most of its senior executives, giving them the opportunity to collect bonuses of up to $3 million. Even so, all the above-named executives are not entitled to participate in the plan.

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