Google CEO and founders to take $1/year salary

[SidewinderX]

http://money.cnn.com/2005/04/08/technology/google_salary/index.htm?cnn=yes

Good for them

 

[outpost]

Cool....

 

[StardogChampion]

They have all the money they could ever wish for, so this isn't much really...

 

[SidewinderX]

They have all the money they could ever wish for, so this isn't much really...

Yes they do have all the money they wish, but many CEOs are in the same situation and they still draw $350,000+/year salaries.

 

[SimonomiS]

Yea, good for them I suppose. I doubt I'd do that.

 

[DarkStar]

They have all the money they could ever wish for, so this isn't much really...

It's not so much that they already have so much money, their anual incomes are still gonna be enormous.

Their salaries were pocket change compared to what their ownership of google stock brings in.

 

[KoreBolteR]

whats the point in that?

if they were to do something amazin, give all thier money to charity. (all $7 billion of it)

 

[SimonomiS]

whats the point in that?

if they were to do something amazin, give all thier money to charity. (all $7 billion of it)

Like Bill Gates is sort of doing? That man really needs more recognition, I mean everyone just sees him as some millionaire geek...he may be that, but still, hes given (and giving when he dies) an insane amount of money to charity.

 

[Calanen]

Yes they do have all the money they wish, but many CEOs are in the same situation and they still draw $350,000+/year salaries.

Yeah with 20 mil or so in stock options, and a couple of million a year performance bonuse. And with change in control bonuses - that mean that if the company is legally owned by another, then the company has to pay them massive money. The put these change in control bonuses in to prevent hostile takeovers. So some companies will have the whole executive team on these change in control bonuses, so when someone wants to buy the company they find this out and go - hmm not such a good buy afterall if I have to pay $100 million in cic bonuses.

The other thing that the good executives have is a retention bonus. This may be an amount of say a few million, which is paid to them if they complete a 3 year term or some other figure with the company. In addition, the bonus contract will normally say, if you are terminated other than for performance reasons (such as layoff, redundancy, downsize etc) you will receive the total bonus payment or on a pro-rata basis.

So what you find is that a company's old guard, will put themselves on these massive CIC bonuses, retention agreements, and contracts which say they must be paid a lot of money to get rid of them. During the whole dotcom boom, a lot of executives in smaller companies that were taken over got paid millions to disappear. The new owner has no choice but to honor the agreeents. Sometimes if the purchaser is careless, they do not even know these documents exist.

In some acquisitions, I have asked for such documentation, and the seller will say 'Such documentation is private and will not be disclosed.' So I say to the buyer, hey they won't tell us and it could have this and this and this in it..... and the buyers, normally bankers, say, no we don't care about silly employment contracts! We are busy looking at Debt to Equity ratios! balance sheets. So I write a cover your ass letter to them, and then once the sale is complete - and they have to find another 50 or 100 million to pay off the non-performing sales team, they go, hang on we didn't know about all this!

But I tried to tell you........

 

[KoreBolteR]

Like Bill Gates is sort of doing? That man really needs more recognition, I mean everyone just sees him as some millionaire geek...he may be that, but still, hes given (and giving when he dies) an insane amount of money to charity.

i heard when he dies, hes gonna leave $100million dollars to his family, and give the rest up to charity...

dont he have $25Billion?

 

[xLostx]

i heard when he dies, hes gonna leave $100million dollars to his family, and give the rest up to charity...

dont he have $25Billion?

$46.5 billion currently, but he goes up and down really
Good ol' Forbes

 

[Dr. Freeman]

Like Bill Gates is sort of doing? That man really needs more recognition, I mean everyone just sees him as some millionaire geek...he may be that, but still, hes given (and giving when he dies) an insane amount of money to charity.

sorry to go off topic and all...but i don't have a problem with good ol' billy being generous...the problem begins and ends with monopoly.
maybe he should just step back and just enjoy what he has instead of monopolizing at every chance he gets.

then perhaps people may like him.

anyway on topic: the people over at google are doing something right.

 

[Javes]

Like Bill Gates is sort of doing? That man really needs more recognition, I mean everyone just sees him as some millionaire geek...he may be that, but still, hes given (and giving when he dies) an insane amount of money to charity.

Yes but I thought he did that to avoid a higher tax amount?