Summary:

Gone are the days of the $1 annual salary for Google (NSDQ: GOOG) Executive Chairman Eric Schmidt. Google plans to award him a proper salary…

Eric Schmidt
photo: AP Images

Gone are the days of the $1 annual salary for Google (NSDQ: GOOG) Executive Chairman Eric Schmidt. Google plans to award him a proper salary now that he has turned over the reigns of the company to co-founder Larry Page, according to a filing with the Securities and Exchange Commission.

Schmidt will now take in $1.25 million a year as chairman of Google’s board of directors, a role in which he is also expected to evangelize the company’s prospects in his travels around the world and oversee the changes that Page and co-founder Sergey Brin plan to implement with the transition set in place earlier this month. Like the founders, Schmidt previously took only $1 a year for his role as Google’s CEO (don’t worry, he made out quite well with stock-based compensation). Google said he’ll be eligible for a bonus of up to 400 percent of his salary, but in 2011 that won’t come to more than $6 million.

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