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Google to pay $ 100 mln to outgoing Eric Schmidt

24 January 2011 15:00 (UTC +04:00)

Baku - APA-Economics. GOOGLE will pay Eric Schmidt $100 million as the 55-year-old executive gives up his CEO title to 37-year-old co-founder Larry Page, a company spokeswoman has confirmed, Herald Sun reported.

The massive payout, which will include stock units and options to vest over the next four years, followed Google’s surprise announcement that Mr Schmidt’s 10-year stint of giving "adult supervision" to Google’s computer genius co-founders Page and Sergey Brin came to an abrupt end.

Last week, prior to the announcement of Mr Schmidt’s $100 million golden parachute, Google said the executive was slated to sell more than 500,000 shares over the next year under a preplanned trading program, which by current share prices would fetch $334 million.

Mr Schmidt, who in April will take on the role of executive chairman as he steps aside for Page, has not sold any shares since 2007.