updated 09:20 am EDT, Fri August 7, 2009
Schmidt's Apple pay
Google CEO Eric Schmidt declined to take normal pay during his tenure on the Apple board of directors, according to SEC documents. Apple proxy filings submitted between 2007 and 2009 show that Schmidt took home only $8,712 in Apple products, plus a "commemorative gift" worth $7,580. To compensate for tax penalties on the gift, he was given another $14,631.
Apple directors are normally entitled to at least 30,000 shares of Apple stock, vested over three years, plus an annual fee of $50,000. After the first three years, directors are also entitled to buy another 10,000 shares per year. While Schmidt is noted to own Apple stock, this consists only of 10,000 shares bought on his own in September 2006. The return on the stock would now be approximately 130 percent, for a total value of $1.7 million.
Schmidt resigned from Apple's board on August 3rd, a move attributed to a growing conflict of interest. The executive has long has to excuse himself from meetings involving the iPhone, due to Google's own Android cellular platform. The resignation was ultimately forced by the announcement of Google's Chrome OS, which may challenge Apple's Mac OS. An FTC investigation into Apple and Google's interlocked boards is ongoing.