Eric Schmidt, Google's former CEO and new executive chairman, has been handed a huge pay raise, according to a document that Google filed yesterday with the Securities and Exchange Commission.
According to the filing, Google's Leadership Development and Compensation Committee has granted Schmidt annual compensation of $1.25 million. In addition, he will be allowed to receive a "target bonus of 400 percent of his base salary." In other words, Schmidt could walk away with more than $6 million in cash compensation in a good year.
Schmidt's raise is effective as of April 4, the same day he stepped down as CEO of Google and handed the reins over to company co-founder Larry Page.
Schmidt, who previously took a salary of $1 per year as Google CEO and board chairman, is now the company's executive chairman.
Google's decision to give Schmidt a raise is the company's latest move to heavily compensate him. Earlier this year, the search giant gave Schmidt $100 million in stock and stock options while he was still chief executive.
As much compensation as Schmidt has been awarded as of late, it will do little to affect his standing as one of the richest people in the world, considering how much he already has. According to Forbes, Schmidt is worth $7 billion.