Google CEO Resigns and Takes $100 Million With Him

Google is one of -- if not THE -- most profitable technology firm on the globe. Starting with humble beginnings as a basic search engine service, the Google brand has spread its reach across every possible concentration of Internet technology that it can get its hands into and has generated billions upon billions of dollars since its 1996 inception.

It's hard to imagine leaving a gig like that …. But after nearly a decade as one of Google's "Top Dogs" Google CEO, Eric Schmidt, is stepping down from his position with Google to be replaced by co-founder Larry Page. Schmidt however is not leaving Google entirely (who in their right mind would?) but taking a less authoritative position within the company as the "Executive Chairman". According to Schmidt, the demotion -- for lack of a better term -- was constructed as an effort to increase the efficiency and timeline of decision making by Google company heads.

What's in it for him? Let's not start feeling sorry for Mr. Schmidt just yet. He stands quite a bit to gain by cooperating with his higher-ups. For starters, he is now able to sell 534,000 shares of his 9.2 million Google stock at at $611.83 each. He's also retaining the 9.6% of company voting power bestowed on him by the almighty Google conglomerate. Not too shabby! Our boy Eric is also not going to endure any type of correspondent decrease in salary. On the contrary, Google has offered Schmidt a $100 million dollar equity award as a consolation prize.

Schmidt's equity award will be allocated in the form of ... you guessed it, more Google stock (and options) that will be vested over the next four years. This is the first "bonus" that the ten year veteran has received from the company since his 2001 orientation. Better late than never. Ecommerce Marketing | Ecommerce SEO