Google’s Austerity move - $1 for tops bosses
From countries to corporations, everyone is trying their bit to hold the purse strings. Google has now revealed its austerity moves in a filing with the Securities and Exchange Commission. No bonuses and a salary of $1 for Google's top three executives in the current fiscal year, the California-based search giant said.
The trio of Eric Schmidt, Sergey Brin and Larry Page has settled for a base salary of $1 for 2010, no stock options or bonus. The total bonus payment for other senior executives for fiscal 2009 was at $7.8 million. The base salary of other senior executives was raised from 450,000 to 500,000, effective January 1.
Patrick Pichette, CFO netted a bonus payment of $2,022,300, each along with Jonathan Rosenberg, Senior Vice President, Product Management and Alan Eustace, Senior Vice President, Engineering & Research. David Drummond, Chief Legal Officer got $1,733,400 as bonus.
Meanwhile, Google stepped up its war against Microsoft by acquiring DocVerse, a startup that will enable editing of Microsoft Office files online. Google reportedly paid $25 million for the transaction.