14 DAY TRIAL // The two founders of Google, Sergey Brin and Larry Page, and Chief Executive Eric Schmidt decided to limit their salaries for this year to $1 while other four executives will be rewarded with raises of $200.000, according to The Age. This is the second year when the three billionaires limit their salaries to $1 and, although it might look like a harsh decision, it isn't so important because all of them are rich enough to afford this limitation.
The four executives that are now celebrating their salary raise from $250.000 in 2006 to $450.000 this year are: Robert Eustace, senior vice president of engineering and research; Omid Kordestani, senior vice president of global sales and business development; Jonathan Rosenberg, senior vice president of product management; and George Reyes, the company's chief financial officer, according to the same publication.
"Speaking today at a technology conference in San Francisco, Schmidt said Google's experience during the last economic downturn in 2001 and 2002 indicated customer-starved advertisers are likely to pour even more money into the search engine to take advantage of the company's technology that identifies potential buyers. Worries about a slowing economy have contributed to a four per cent decline in Google's stock price so far this year. Google shares rose $US2.27 ($A2.95) today to close at $US440.95 ($A573) on the Nasdaq Stock Market, then added another $US2.16 ($A2.81) in extended trading."
Google also offered bonuses for the four executives totaling $829.912 for the performances recorded last year but the three billionaires excluded themselves from the bonuses. Although the three Google officials didn't explain their decision of limiting the salaries to $1, it is quite interesting because it justifies Google's incomes as it keeps attracting users and bringing money for the owners.