Business
Google Lavishes Chairman with $109 Million Pay Package
SAN FRANCISCO (AP) — Google paid its billionaire Executive Chairman Eric Schmidt nearly $109 million last year while the company’s stock slumped.
Most of the compensation consisted of stock valued at $100 million. It was the largest stock package that Schmidt has received since 2011 when Google Inc. awarded him a bundle valued at $94 million at the time he relinquished the CEO’s job to company co-founder Larry Page.
Documents filed with regulators Thursday also disclosed that Page and the company’s other founder, Sergey Brin, limited their 2014 pay to $1 each, as has been their practice for years.
Schmidt also pocketed a $1.25 million salary, a $6 million bonus and perks valued at nearly $1 million. His total pay last year soared by more than five-fold from 2013 when his Google compensation was valued at $19.3 million.
The hefty raise came in a year that saw Google’s stock drop by 5 percent amid investor concerns about the company’s big spending on far-flung projects. Analysts have also questioned whether Google will be able to maintain its dominance in Internet search as more people rely on smartphones instead of personal computers to access digital content.
The downturn in Google’s stock contrasted with an 11 percent gain in the Standard & Poor’s 500 index last year.
Schmidt, 59, already is among the world’s richest people with an estimated fortune of $9 billion, according to Forbes. Most of his wealth has been built on the Google stock that he began accumulating when he became the Mountain View, California, company’s CEO in 2001.
The Associated Press calculates executive compensation by including salary, bonuses, perks, above-market interest that the company pays on deferred compensation, and the estimated value of stock and stock options awarded during the year. It does not include changes in the present value of pension benefits, so the AP total can differ slightly from the total reported by companies to the Securities and Exchange Commission.
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Activism
Oakland Post: Week of December 25 – 31, 2024
The printed Weekly Edition of the Oakland Post: Week of December 25 – 31, 2024
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Bay Area
Glydways Breaking Ground on 14-Acre Demonstration Facility at Hilltop Mall
Glydways has been testing its technology at CCTA’s GoMentum Station in Concord for several years. The company plans to install an ambitious 28-mile Autonomous Transit Network in East Contra Costa County. The new Richmond facility will be strategically positioned near that project, according to Glydways.
The Richmond Standard
Glydways, developer of microtransit systems using autonomous, small-scale vehicles, is breaking ground on a 14-acre Development and Demonstration Facility at the former Hilltop Mall property in Richmond, the Contra Costa Transportation Authority (CCTA) reported on social media.
Glydways, which released a statement announcing the project Monday, is using the site while the mall property undergoes a larger redevelopment.
“In the interim, Glydways will use a portion of the property to showcase its technology and conduct safety and reliability testing,” the company said.
Glydways has been testing its technology at CCTA’s GoMentum Station in Concord for several years. The company plans to install an ambitious 28-mile Autonomous Transit Network in East Contra Costa County. The new Richmond facility will be strategically positioned near that project, according to Glydways.
The new Richmond development hub will include “over a mile of dedicated test track, enabling Glydways to refine its solutions in a controlled environment while simulating real-world conditions,” the company said.
Visitors to the facility will be able to experience on-demand travel, explore the control center and visit a showroom featuring virtual reality demonstrations of Glydways projects worldwide.
The hub will also house a 13,000-square-foot maintenance and storage facility to service the growing fleet of Glydcars.
“With this new facility [at the former Hilltop Mall property], we’re giving the public a glimpse of the future, where people can experience ultra-quiet, on-demand transit—just like hailing a rideshare, but with the reliability and affordability of public transit,” said Tim Haile, executive director of CCTA.
Janet Galvez, vice president and investment officer at Prologis, owner of the Hilltop Mall property, said her company is “thrilled” to provide space for Glydways and is continuing to work with the city on future redevelopment plans for the broader mall property.
Richmond City Manager Shasa Curl added that Glydways’ presence “will not only help test new transit solutions but also activate the former Mall site while preparation and finalization of the Hilltop Horizon Specific Plan is underway.
Activism
2024 in Review: 7 Questions for Outgoing Stockton Mayor Kevin Lincoln
Lincoln’s decision to run for mayor stemmed from his love of people and his desire to serve his city. He prioritized resolving issues, including homelessness and public safety, among others. Lincoln, a Republican, will transition out of his role as mayor on Dec. 31, after an unsuccessful campaign to represent the 9th Congressional District.
By Edward Henderson
California Black Media
Born in Stockton, Mayor Kevin Lincoln says his Army upbringing inspired him to serve others.
Lincoln joined the United States Marine Corps in 2001 and was later assigned to Marine One, serving during President George W. Bush’s administration.
Following his military service, Lincoln worked for one of the nation’s top private security companies for eight years in Silicon Valley. In 2013, he resigned from his corporate position to give back to his community in Stockton through full-time ministry at a local church.
Lincoln’s decision to run for mayor stemmed from his love of people and his desire to serve his city. He prioritized resolving issues, including homelessness and public safety, among others.
Lincoln, a Republican, will transition out of his role as mayor on Dec. 31, after an unsuccessful campaign to represent the 9th Congressional District.
Recently, California Black Media (CBM) spoke with Lincoln. He reflected on his accomplishments this year and his goals moving forward.
Responses have been edited for length and clarity.
Looking back at 2024, what stands out to you as your most important achievement and why?
What I prioritize for our city council is our youth. They are the future — not only our city, but this region as a whole.
We were able to invest over $6 million in youth programming and workforce development, and partner with 14 different community-based organizations. We were able to employ over 600 young people through the city of Stockton. We launched even our first ever summer jobs program for the city of Stockton.
How did your leadership and investments contribute to improving the lives of Black Californians?
It’s about giving people a seat at the table, and not necessarily waiting for people to come to me, but me going to the community, making myself accessible, meeting our community at the point of their need, where they’re at.
What frustrated you the most over the last year?
It’s politics. Because unfortunately, there’s politics in everything. And I say politics impedes progress. You can have a policy, a solution that may not necessarily be 100% perfect. But it’s a good solution for everybody. But because we allow politics to get in the way based off our personal ideologies, oftentimes we can miss opportunities to make an impact for the benefit of the whole.
What inspired you the most over the last year?
My biggest inspiration has been the community and our ability to work together. What’s unique about Stockton, one in 20 jobs are nonprofit jobs in the city of Stockton and even San Joaquin County.
What is one lesson you learned in 2024 that will inform your decision-making next year?
To stay focused. In politics, there’s a lot of opportunity for distractions. There are a lot of influences from the outside — good, bad and indifferent. It’s important to stay focused, have a clear vision, and be committed to that vision.
In one word, what is the biggest challenge Black Californians face?
Economics. When the economy is not healthy, when we’re not thriving, we’re limited. Opportunities are limited.
What is the goal you want to achieve most in 2025?
I just want to continue to be a servant leader and serve our community in whatever capacity I am in.
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