Google bosses to work for $1 a year
11 April 2005
Google chief executive Eric Schmidt and co-founders Larry Page and Sergey Brin have announce that they have decided to pay themselves just $1 a year.
The Google top three are currently selling off company stock slowly and are raking in millions of dollars.
The trio will get the nominal payment and no other bonuses or share options according to a regulatory filing made late last week.
Before the pay cut, Mr Page and Mr Brin took salaries of just $150,000 apiece, while Mr Schmidt earned $250,000 a year in salary.
The three men requested that their pay be reduced to $1 in the second quarter of 2004, around the time they announced intentions to float the search company.
Mr Page and Mr Brin had each collected $43,750 of their 2004 salaries, and Schmidt had pocketed $81,432 at the time the pay cuts were decided.
Google's first annual meeting is scheduled for May 12th.
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