Eric Schmidt in August 2001. At Google, Schmidt shared responsibility for Google's daily operations with founders Page and Brin. Prior to the Google initial public offering, Schmidt had responsibilities typically assigned to the CEO of a public company and focused on the management of the vice presidents and the sales organization. According to Google, Schmidt's job responsibilities included "building the corporate infrastructure needed to maintain Google's rapid growth as a company and on ensuring that quality remains high while the product development cycle times are kept to a minimum." Upon being hired at Google, Eric Schmidt was paid a salary of $250,000
Executive compensation in the United States are part of the corporate team whose leader is the CEO. When "some directors cannot in good faith continue to support a CEO who has the support of the rest of the board", they are not recognized or even tolerated as gadflies, but "expected to step down". Authors Bebchuk and Fried postulate that the "agency" problem or "agency cost", of executives power over directors, has reached the point of giving executives the power to control their own pay and incentives. What "places constraints on executive compensation" is not the marketplace for executive talent and hard-headed calculation of compensation costs and