Google Execs Awarded Hefty Bonuses
Google announced on Tuesday that four of its top executives each received bonuses of more than $1.2 million in 2008 for helping the Internet search leader secure modest earnings growth during recession, the Associated Press reported.
However, the bonuses were less than those awarded in 2007 when Google’s profit rose 37 percent, compared to 2008′s gain of 1 percent.
The weakening economy caused Google’s market value to drop by 56 percent last year, $120 billion plunge.
In the coming weeks, Google will release further information about the salaries and stock compensation paid to its top executives last year when the company files its proxy statement.
Google does not award bonuses to Chief Executive Eric Schmidt or co-founders Larry Page and Sergey Brin, who are all billionaires from their substantial stock holdings in the company.
Jonathan Rosenberg, senior vice president of product management, received the largest bonus of $1.64 million.
Bonuses of $1.38 billion were awarded to both Omid Kordestani, Google’s top sales executive, and Alan Eustace, who oversees the company’s engineers.
New chief financial officer Patrick Pichette received $1.24 million dollars after joining the company in August. He has been widely credited for engineering a cost-cutting effort that helped Google offset its slowing revenue growth.
Former CFO George Reyes received $675,000.
Annual bonuses of up to $6 million apiece are eligible to Google’s top executives.
In February, The Mountain View-based company exceeded expectations after reporting a net profit of 382 million dollars for the final three months of 2008 on revenue of 5.7 billion dollars.
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