Eric Schmidt Not Given Cash As Apple Board Member, Paid In Apple Products Instead

Posted Aug 9, 2009

On August 3, Eric Schmidt stepped down from Apple’s board of directors.  What was Schmidt’s actual compensation throughout his time on Apple’s board? Schmidt joined Apple’s Board on August 29, 2006 and since then he has made about $8,700 in Apple products, not cash.  Schmidt was also given a $7,500 commemorative gift.

But the partnership that Apple and Google have made throughout the last couple years have been worth more than money.  Google search, Google Maps, and YouTube are all default applications on the Apple iPhone.

Schmidt was not given any stock options either.  However Schmidt decided to buy Apple shares on the open market.  Schmidt bought 10,000 shares in Apple in September 2006.  At the time it would have costed $740,000 for that many shares.  Buying the same number of shares now would cost $1.7 million.

[via Gizmodo/BusinessWeek]