NEW YORK - SEPTEMBER 27: Co-founder of Google Larry Page smiles during the Clinton Global Inititative annual meeting September 27, 2007 in New York. (Photo by Chris Hondros/Getty Images) *** Local Caption *** Larry Page
Google handed out executive bonuses for 2012, with Google Executive Chairman Eric Schmidt leading the pack with $6 million. However, neither Google founder, Sergey Brin and current chief executive officer Larry Page will receive any bonus.
The news was given via a regulatory filing on Tuesday, according to the Wall Street Journal. Google Inc. will also give chief financial guru Patrick Pichette a $2.8 million and and legal chief David Drummond $3.3 million. Nikesh Arora, the tech titan's chief business officer will also receive $2.8 million. Schmidt is also planning on selling $2.5 billion of stock later this year.
The bonuses are given because Google reached $50 billion in revenue in 2012. However, neither Brin or Page will receive bonuses, according to the company. In 2011, Page said he would tie as much as 25 percent of bonuses would be tied to company performance.