Google Inc. (NASDAQ:GOOG) co-founders Larry Page and Sergey Brin and CEO Eric Schmidt have turned down high salaries in favor of $1 base salaries. As a company spokesperson points out, this is nothing new; they've been doing this for four years. And it's not like they're in reduced circumstances; they're all billionaires. Nevertheless, their behavior is refreshing in the wake of the American International Group Inc. (NYSE:AIG) bonus scandal.
"In 2004, Eric, Larry and Sergey requested that their salaries each be reduced to $1 per year," says the company's Tuesday proxy statement. "However, due to their strong leadership and Google's strong overall performance, we offered each of them market-competitive salaries at the beginning of each year since 2005. Due to their own preferences not to receive salary compensation, Eric, Larry and Sergey each rejected these offers and continue to receive base salaries of $1."
Google's chief financial officer Patrick Pichette, who joined the company last August, is getting a salary worth around $1.75 million. - Mary Kathleen Flynn
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Too bad these idiots that run AIG didn't have the principles to do the same thing. M.