Eric Schmidt Getting Huge Raise At Google

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Dr. Eric Schmidt may be moving out of the CEO role at Google and into his new job as “Executive Chairman”, but he’s getting a huge raise as a part of the move. According to documents filed with the SEC, Schmidt will be earning $1,250,000 per year, a far cry from the $1.00 salary her earned as CEO, along with Google’s two-founders, Larry & Sergey.

And, as a member of the board of directors, Schmidt can receive a performance bonus depending on the performance of Google stock. That bonus can be up to 400% of Schmidt’s salary, or about $6,000,000. Nice work if you can get it.

This comes in addition to the separation bonus that Schmidt got. Back in January, we told you about how Schmidt was being given $100 million in equity in Google, as a part of him stepping down from the CEO job. That still is the biggest such award ever for a CEO.

There’s been a lot of speculation about what Schmidt will do now. Rumors from most insiders seem to point that he’ll stick around for at least a year in order to oversee things. After that, it’s anybody’s guess. Some have hinted that he could even go to Apple and replace Steve Jobs (unlikely), and CNN insiders said that Schmidt tried his hand at being a talk show host by filming a pilot for the news network. Considering Schmidt is a big supporter of President Obama, I’ve said from the start that he could be a candidate for Secretary of Commerce in a potential second term of the Obama administration.