Manage updates with the Download App
Google CFO could be millionaire in months
Patrick Pichette stands to pull in more than $2 million in his first year as Google's CFO--and that's before stock grants and options.
It looks like Patrick Pichette, Google's new chief financial officer, will be rewarded for his new job with up to $2.125 million after the first year if he earns his full bonus.
Patrick Pichette
(Credit: Bell Canada)According to his employment offer letter, filed with the Securities and Exchange Commission, Pichette will receive a salary of $450,000 and an annual bonus up to one and half times that amount.
Pichette also gets a signing bonus of $500,000 and another cash bonus of $500,000 after 6 months at the search and advertising giant--though he must pay a prorated amount back if he decides to leave within a year. However, if Google terminates his job within the first 6 months, he'll get the cash bonus right away.
Stock options also are a part of the package. He'll get an option to 11,112 shares of Class A common stock, vesting over a four-year period. He'll also get 5,556 "Google stock units," vesting over a four-year period. At the end of that, the units convert to Google Class A shares.
He'll also get 910 Google stock units that will vest in 6 months and another 910 that vest in 12 months. They also convert into Class A shares.
Pichette, who had been president of operations at Bell Canada, starts at Google August 1 and will formally become CFO on August 12, Google said Wednesday.
