Google founders: $1 salaries, $13B in stock

Giant stakes enrich Brin and Page, but value of their shares decline by billions as company stock falls.


SAN JOSE, Calif. (AP) -- Google Inc. co-founders Sergey Brin and Larry Page each took home their customary $1 annual salary again in 2007, while a steep decline in the company's stock price chopped more than $8.5 billion from each of their massive holdings of Google shares, according to a regulatory filing Tuesday.

Brin, 34, the company's president of technology, and Page, 35, president of products, took the hits to their multibillion-dollar fortunes as shares of the Internet search leader plunged over the past five months on disappointing fourth-quarter earnings and fears the company can't sustain its torrid growth.

CEO Eric Schmidt also received his customary $1 salary in 2007, the Mountain View-based company said in its proxy statement filed Tuesday with the Securities and Exchange Commission.

Schmidt also received $480,561 in 2007, including $478,662 in expenses incurred by Google mostly for Schmidt's personal security. His total compensation was down 14% from 2006, when his personal security costs were higher.

Schmidt's stockpile of 9.5 million shares of Google (GOOG, Fortune 500) stock - down from the 10.7 million shares he owned at the same time last year - has also taken a hit because of the stock price drop. The stock horde is now worth about $4.3 billion, about $3 billion less than at the stock's peak of $747.24 in November.

As of Feb. 15, according to Tuesday's regulatory filing, Brin owned 28.6 million shares of Google, while Page owned 29.1 million, about as much as they held last year. Their stock is "Class B" common stock, which in Google's case means they carry greater voting power than ordinary shares.

At the stock's November peak, Brin and Page each held more than $21 billion worth. Now that the stock is trading below $500 - it lost $9.78, or 2%, to close at $450.78 on Tuesday - Brin and Page each now hold around $13 billion worth.

Each founder received a bonus of $1,723, for a total of $1,724. Brin got the same amount last year. Page's figure was higher in 2006 because Google paid $37,000 in personal travel expenses for him.