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SEC: Schmidt worked nearly for free on Apple board

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.




by MacNN Staff

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  1. ldrhawke

    Joined: Dec 1969

    -6

    Schmidt /Apple

    He would have probably paid Apple to sit on the board to pilfer ideas for Google to copy; as Jobs presented his visions and the Apple board discussed the future and the direction of the company. I'd say he was over paid based on Android and Chrome.

  1. jdonahoe

    Joined: Dec 1969

    +3

    Pilfer ideas?

    If Jobs thought there was a problem with intellectual properties, Schmidt would have been shown the door long ago.

  1. Peter Bonte

    Joined: Dec 1969

    +2

    MS all over again

    Apple had the same problem with Microsoft in the '80, they worked very closely on the Mac project but in the end MS copied most ideas for there own OS. In the years that Schmidt was on the board Google competed more and more with Apple, i don't think that is pure coincidence. Killing the Google app is also strange to say the least and the latest Safari version now supports other search engines.

    We'll also see Apple moving more into the service business making them compete even more, the love between Apple and Google is clearly over.

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