Google's Page did not get board approval for huge stock grant
Investor complaint reveals company's co-founder later got 'rubber stamp' approval for the $150m stock grant he gave Andy Rubin, the creator of Android mobile software
New York — Alphabet CEO Larry Page did not get board approval when he awarded a $150m stock grant to Andy Rubin, the creator of the Android mobile software who was under investigation by the company for sexual harassment at the time, according to a lawsuit. Page later got “rubber stamp” approval for the equity compensation package from a board leadership committee eight days after he granted it in August 2014, according to a revised investor complaint made public on Monday in California state court in San Jose. Rubin used the grant as “leverage” to secure a $90m severance agreement when he left the company almost three months later, according to the complaint. The new allegations shed light on Page’s power to compensate top executives and could add fuel to criticism that the company’s board is not strong enough to keep management accountable to shareholders. It could also pull Page deeper into the controversy around how Google has handled sexual-harassment complaints. The Alphabet c...
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