SAN FRANCISCO (AP) — Google paid co-founders Larry Page and Sergey Brin their customary $1 salaries last year while Executive Chairman Eric Schmidt's compensation more than doubled to $19.3 million.
Most of Schmidt's raise stemmed from stock grants valued at $11.4 million. Regulatory documents filed Friday revealed the grants were issued to make up for an administrative error in the handling of another large award given to Schmidt in 2011.
Page, Google's CEO, and Brin, another top executive, have insisted on capping their salaries at $1 annually since Google Inc. went public nearly a decade ago. The two men each own Google stock currently worth about $26 billion.
The AP's compensation calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.