Google co-founders Larry Page and Sergey Brin maintained their $1 annual salaries in 2013.
Pity neither – they’re each worth about $26 billion, based on their stakes in Google, which closed at $1,120.15 Friday. Page and Brin have spurned market-competitive salaries since 2005.
“Larry and Sergey have voluntarily elected to receive only nominal cash compensation,” Google says. “As significant stockholders, a large portion of their personal wealth is tied directly to Google’s stock price performance, which provides direct alignment of their interests with stockholder interests.”
Executive chair Eric Schmidt received pay, bonuses, stock and perks valued at $19.3 million and gained $28.1 million from vested shares, Google says in its latest proxy filing. That’s on top of the $100 million in restricted shares Google awarded Schmidt earlier this year, which begin vesting in 2015.
Other key executives took big pay cuts last year, a reflection of smaller stock grants than those awarded in 2012. Chief Financial Officer Pat Pichette received compensation valued at $5.1 million, vs. $38.7 million in 2012. Chief Business Officer Nikesh Arora received $5.7 million, vs. $51.1 million in 2012, while Chief Legal Officer David Drummonde made $4.8 million, vs. $31.3 million a year earlier.
Pichette gained $18.3 million from vested shares and exercising stock options, while Arora gained $34.6 million.