By Paul R. La Monica, CNNMoney.com senior writer
NEW YORK (CNNMoney.com) – Google"s co-founders and chief executive officer were offered a raise this year by the company"s compensation committee, but the three turned it down and are sticking with their current annual salary of $1.
The search engine company made the disclosure in its proxy statement, which was filed Friday with the Securities and Exchange Commission. CEO Eric Schmidt and co-founders Larry Page and Sergey Brin first requested that their salary be cut to $1 in the second quarter of 2004, just before the company"s initial public offering. Prior to that, Schmidt was making $250,000 a year while Page and Brin each earned a salary of $150,000.