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Google CEO, co-founders stick with $1 salary

Eric Schmidt, Larry Page and Sergey Brin once again agree to $1 annual salary but other Google execs get hefty raises for 2007.

By Paul R. La Monica, CNNMoney.com editor at large

NEW YORK (CNNMoney.com) -- Google CEO Eric Schmidt and co-founders Larry Page and Sergey Brin will receive a $1 annual salary for 2007, the company disclosed in a regulatory filing Monday.

Schmidt, Brin and Page first requested that the company reduce their salary to $1 during the second quarter of 2004, just prior to the company's initial public offering in August of that year. All three own a substantial amount of Google (Charts) stock.

Google chairman and CEO Eric Schmidt will once again receive just a $1 salary this year...
...as will Google co-founders Larry Page and Sergey Brin.

As of last year's proxy, Larry Page owned 32.1 million shares of the company, worth about $14.2 billion at today's closing price. Sergey Brin held 31.6 million shares valued at $13.9 billion.

Schmidt held 12.5 million shares worth $5.5 billion.

But all three executives have sold shares in prearranged trading plans over the last year.

Yahoo! (Charts) chairman and CEO Terry Semel is also getting paid an annual salary of just $1, as is Apple (Charts) CEO Steve Jobs.

The three also did not receive an annual cash bonus for 2006, according to the company. But four other Google executives received substantial raises for 2007 and bonuses for 2006.

Robert Eustace, Google's senior vice president for engineering and research; Omid Kordestani, senior vice president for global sales and business development; chief financial officer George Reyes; and Jonathan Rosenberg, senior vice president for product management will all receive an annual salary of $450,000 this year, up from $250,000 in 2006.

Reyes will also receive a bonus of $169,496, according to the filing. Eustace and Rosenberg are getting paid a bonus of $205,560 and Kordestani will receive a bonus of $249,296.

Google's stock rose 11 percent last year thanks to strong revenue and earnings gains as the company extended its lead in online search advertising. The stock has fallen slightly this year due to some concerns about a resurgent Yahoo as well as worries about whether Google's widely touted acquisition of online video sharing service YouTube will pan out.