Schmidt Sells SharesBy Reuters | Print
Google's CEO Erick Schmidt will be getting a $100 million equity award as he leaves the CEO post at the search giant.
In a regulatory filing last week, Google said that Schmidt in December drew up a plan to sell some of his stock in the company.
"The pre-arranged trading plan was adopted in order to allow Eric to sell a portion of his Google stock as part of his long-term strategy for individual asset diversification and liquidity," the filing said.
As of December 31, Schmidt had about 9.2 million shares of Google stock and controlled 9.6 percent of the company's voting power. Schmidt plans to sell about 534,000 shares of Class A common stock -- meaning he would continue to hold 8.7 million shares of Google stock and control 9.1 percent of the company's voting power.
Shares of Mountain View, California-based Google closed at $611.83 on the Nasdaq on Friday.
(Reporting by Clare Baldwin; Editing by Bernard Orr)