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Eric Schmidt Took No Salary From Apple

Aug 7 2009, 11:30am CDT | by

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Eric Schmidt Took No Salary From Apple
 
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Eric Schmidt Took No Salary From Apple

This Monday we learned that Eric Schmidt, the Chief Executive of Google, was resigning his seat upon the Apple board. Now we're starting to learn some of the details of his tenure with Google. Schmidt was a board member from August 2006 to August 2009. BusinessWeek reports that, during that time, Schmidt drew no salary from Apple.

This would be surprising for pretty much any other tech mogul. Dr. Schmidt, however, has a reputation for this sort of behavior. He currently draws a $1 a year salary from Google, and he hasn't accepted stock options from his own company for several years now.

Apple board members generally receive an annual fee of $50,000 in addition to the option for them to acquire 30,000 shares of Apple stock over the course of three years. Schmidt declined the yearly fee as well as the stock options, although he did purchase 10,000 shares of Apple stock on the open market.

It appears that most of what Schmidt took during his time on the Apple board was technology. All board members receive free Apple products when they are released, and during his time on board Schmidt was given $8700 worth of gadgets. He also recieved a $7,500 commemorative gift, and $14,631 in order to cover the tax liability.

Just because Schmidt hasn't drawn a real salary in years doesn't mean he isn't still fantastically wealthy. According to Wikipedia, his net worth is roughly $4.4 billion. It sounds to me like Dr. Schmidt decided he was rich enough, and made the choice to stop drawing a salary in deference to his fantastic wealth.

 

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