Google’s Eric Schmidt Gets Big Raise As Former CEO

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Google CEO Eric Schmidt. (Justin Sullivan/Getty Images)

Google CEO Eric Schmidt. (Justin Sullivan/Getty Images)

MOUNTAIN VIEW (CBS/AP) – Google CEO Eric Schmidt got a huge raise after he gave up the top job to take on a new role at the company.

Google Inc. boosted Schmidt’s annual salary from a dollar to $1.25 million on April 4 when he turned the CEO job over to co-founder Larry Page.

Schmidt is focusing on acquisitions and government relations as Google’s executive chairman.

The revised compensation package, filed with federal regulators Tuesday, will pay Schmidt an annual bonus of up to $6 million.

Schmidt has an estimated net worth of $7 billion. He had limited his salary to $1 and refused bonuses since 2004 despite the company’s offer to pay him more each year.

Page and Google’s other co-founder, Sergey Brin, are still limiting their salaries to a $1.

(Copyright 2011 by CBSSan Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)

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