Googles Executives Earn More Than $5 Million In Bonuses
Four of googles executives will be receiving a nice bonus of more than $1.2 million each even though much of America got battered by the recession. The bonuses are being awarded for the help that the executives provided in helping googles earnings grow throughout the recession.
Google gave $1.24 million to its chief financial officer, Patrick Pichette, for his contributions after joining the company in August. Pichette has been widely credited for engineering a cost-cutting effort that helped Google offset its slowing revenue growth.
George Reyes, Google’s CFO before Pichette, received in 2008 a bonus of $675,000, down from $1.68 million in 2007 when he was with the company for the entire year. Google’s top executives are eligible for annual bonuses of up to $6 million apiece.
Googles Chief Executive Eric Schmidt said “We are not immune to this”. Google’s stock fell $10.78, or 3.3 percent, to $314.70 in after-hours trading. It had closed the regular session down $1.68 at $325.48.