New York: Internet search giant Google Inc has approved a handsome pay hike of 30% and bonuses of 250% of the base salary for its top executives starting next year.
Google has approved an increase to the annual base salaries (effective as of 1 January, 2011) of its executive officers, after a review of performance and competitive market data, and as part of a broad-based review of the company’s compensation programs, it said in a regulatory filing to the US Securities and Exchange Commission.
Google said its four top executives—Patrick Pichette, chief financial officer, Global Business Head Nikesh Arora, Engineering-and-Research chief Alan Eustace and product chief Jonathan Rosenberg—would each see their increase in pay from $500,000 to $650,000 next year. This represents a rise of 30%.
While the base salaries of chief executive Eric Schmidt and co-founders Larry Page and Sergey Brin would remain at $1. The three executives do not participate in the executive bonus plan since 2004.
The four executive officers would also be eligible for bonuses of 250% of their base pay, up from the current 150%.
The company further said that half of the bonus would be based on the individual performance and the remaining 50% would be based on internet search titan’s financial performance.
Besides, executives will also get equity awards worth a total of $55 million this year.
Pichette and Arora will each receive equity grants worth $20 million and Eustace’s is valued at $10 million and Rosenberg’s at $5 million, the filing added.
The news comes days after several media reported that Google is planning to give a 10% salary hike to all of its 23,000 employees across the world starting next year.
Google, which has a strong presence in India, has a workforce of about 2,000 employees.