Sometimes it pays to get demoted. After being replaced by Larry Page as the CEO of Google, Eric Schmidt became the company's executive chairman earlier this month. And that change will reflect very positively in his pocket.
As CEO, Schmidt had a salary of $1 per year -- a popular figure for CEOs -- but now, according to a SEC filing from Google, he will be getting $1.25 million per year, with the possibility of a target bonus of 400% his base salary.
Schmidt already received very generous compensation for stepping down as CEO: $100 million in stock and stock options. Additionally, he announced in January he will be selling 534,000 Google shares in the next year, which at the current price of Google's stock, would net him about $280 million.
The new salary, and even Google's generous compensation, won't reflect much on Schmidt's day-to-day spending habits, however. According to Forbes, all of this is pocket change for Schmidt whose net worth is $6.3 billion.