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Schmidt trousers another £100m Google shares

Google will hand over equity worth some $100 million to ousted chief executive Eric Schmidt, it has emerged.

Schmidt was last week ousted from the position of CEO at the Internet advertising firm to make way for founding partner Larry Page. Schmidt assumes the role of executive chairman in April.

On the day the move was announced Schmidt also filed paperwork to allow him to sell shares valued at $335 million over the coming year.

Bloomberg broke the news of the award on Friday, citing unofficial sources. It was confirmed by Google spokeswoman, Poornima Gupta, who said it was the time Schmidt had received such an award since he joined the company in 2001, the Wall Street Journal reports.

The award is unusual, but then so too was Google's growth under his leadership.