Google Finance, Business Chiefs Get Millions in Bonuses
March 11, 2014 3:25 PM EST
Google Inc (GOOG.O) will pay Finance Chief Patrick Pichette a $3 million annual bonus, and Chief Business Officer Nikesh Arora a $3.5 million bonus, a slight increase from the previous year, following a year in which the Internet company's stock surged nearly 60 percent.
Google Senior Vice President and Chief Financial Officer Patrick Pichette takes a picture with his phone at the new Google office in Toronto on 13 November, 2012.
Google Chief Executive Larry Page and co-founder Sergey Brin will receive no bonus, the company said Monday in a filing with the U.S. Securities and Exchange Commission, continuing the founders' practice of not taking a bonus. Page and Brin, who are each paid a $1 a year in salary, have a large portion of their personal wealth tied directly to Google's stock.
Google's shares shot up 58 percent in 2013, breaking the $1,000 mark for the first time and outpacing the Nasdaq's 38 percent gain for the year.
Google Chief Legal Officer and head of Corporate Development David Drummond will receive a $3 million bonus, Google said. Drummond's bonus last year was $3.3 million.
Pichette and Arora each collected bonuses of $2.8 million last year.
In February, Google said it would pay Executive Chairman Eric Schmidt a $6 million discretionary cash bonus and awarded him $100 million in restricted stock units.
Shares of Google finished Monday's regular session down 0.3 percent, or $3.22, at $1,211.57.