According to a recent SEC filiing "On April 13, 2011, in connection with the management changes that Google announced on January 20, 2011, and executed on April 4th, the members of the Leadership Development and Compensation Committee of Google's Board of Directors approved annual cash compensation for Eric E. Schmidt, Google's Executive Chairman of the Board of Directors. Effective as of April 4, 2011, Eric will receive an annual base salary of $1.25 million and a target bonus of 400% of his base salary. Eric's actual bonus payment for 2011 can range from zero to a maximum of $6.0 million."
SEC also made official two new job titles within Google:
- Alan Eustace, Google's SVP, Engineering & Research, became Google's SVP, Knowledge
- Shona L. Brown, Google's SVP, Business Operations, became Google's SVP, Google.org.
This news comes a day after a CNNMoney report that Schmidt, who's a top candidate to become Commerce Secretary in Obama's admistration, might have to sell his stake in Google to take the job to avoid a conflict of interest.
"Conflicts could arise if any assets or securities that a nominee holds could benefit from their decision making. Those conflicts must be nullified for the appointee to be given the job," CNNMoney reported.
Schmidt owns 9 million shares of Google, valued at nearly $5 billion. If appointed, he would have 90 days to sell his stake in Google.