Google CEO Eric Schmidt worked on Apple's board for free

A review of Apple's SEC filings indicates that Google CEO Eric Schmidt received no monetary compensation for his role as an Apple board member. Google has made a name for itself by making its software free for the masses, but who knew that Google employees worked for free as well!

Earlier this week I wrote about how Google CEO Eric Schmidt resigned from his role as an Apple board member due to a conflict of interest.  Interestingly enough, a review of Apple's SEC filings indicates that Schmidt received no monetary compensation for his role as an Apple board member.  Google has made a name for itself by making its software free for the masses, but who knew that Google employees worked for free as well!

All kidding aside, as the CEO of Google, I doubt that Schmidt is in dire need of a second source of income, and it's not like he didn't get anything for all his years of service on Apple's board.  While not receiving any money or stock options, Schmidt did receive $8,700 in Apple products and a commemorative gift worth $7,500.

Schmidt's situation, though, is quite unusual.  Businessweek reports that Apple board members are typically paid $50,000 a year in quarterly increments, a benefit Schmidt chose to forgo when he began his stint at Apple 3 years ago.  Not only that, but Schmidt also passed up the opportunity to purchase stock options, and instead opted to purchase Apple stock with his own money on the open market back in the fall of 2006.  Since then, Apple's share price has more than doubled, so I'm sure Schmidt isn't complaining.

With Schmidt now gone, folks have been speculating as to who might replace him on Apple's board.  It's unclear when Apple will announce a new board member, but if it comes from inside the company, COO Tim Cook seems to be an obvious choice.

Like this post? Check out these others from iOnApple.

Apple admits full responsibility for the removal of Google Voice from iTunes App Store

So you think you think you know Apple?

iPod...do you? A playful list of iPods

Palm files complaint with USB board over iTunes connectivity, and risks alienating Pre users in the process

Microsoft adjusts "Laptop Hunter" ad after complaints from Apple Legal

Apple begins listening to developers, allows promo codes for 17+ apps once again

Apple website circa 1983

Join the Network World communities on Facebook and LinkedIn to comment on topics that are top of mind.
Related:
Now read: Getting grounded in IoT