Google to grant Eric Schmidt $100m

An equity package for man who is stepping down as Google CEO in April

Internet giant Google is set to grant its current chief executive, Eric Schmidt, $100m (£63m) when he is succeeded by co-founder Larry Page in April, according to a report by Bloomberg.

A person familiar with the matter confirmed that this is the first equity award for Schmidt since joining Google and it will include stock units and options on shares that will be exercisable over a four-year period.

Google has also confirmed that Schmidt will sell about 5.8 per cent of his stock in the company, which should raise an estimated £204.9m.

Schmidt hopes to become executive chairman when he steps down in a couple of months, and will focus on external affairs including deals and government outreach.