Yesterday the CEOs of the Big Three automakers admitted they were willing to receive just a dollar in compensation. If they’re nervous about the steep pay cut, they can call fellow execs who are in the same boat (car?) for advice. No mention, though, of how to explain it to your wife or kids. We assume that’s the hardest part of being paid one buck.
ABC News complied a list of the $1 CEO club. Of the 3000 largest companies in the U.S. by market cap, 32 of their chiefs only pull in a dollar. Below is a sampling of few of them.
- Lee Iaccoca: In the 70’s when he was the head of Chrysler, he needed a bailout and was willing to cut his salary to $1.
- Steve Jobs: He’s only paid a dollar but is given loads of stock options, a free private jet which the company pays for and all the Macbooks he wants (we assume.) He’s accrued 5.6 million shares of Apple stock worth $500 million.
- Eric Scmidt: The CEO of Google, along with co-founders Larry Page and Sergey Brin only haul in a buck. But they’re all loaded up from stock options. While Google stock price isn’t what it was just a few months ago, it’s still enough to make them billionaires (on paper.)
- Jerry Yang: He’s on his way out as Yahoo! CEO, which means foregoing his annual dollar. His wealth is mostly tied up in Yahoo! stock which isn’t looking so good. If there’s anyone the automakers should call it’s this guy.
- Jeffery Katzenberg: What is it about California that makes these execs indifferent to salary? Katzenberg still hauled in millions via stock options.
- Richard Kinder: A former Enron exec, he now makes $1 as CEO of Kinder Morgan Energy Partners, but he also took home a million dollars in stock options last year.
- Glenn Murphy: The CEO of Gap has watched his retail franchise sink a bit. To aid in the recovery of the company he jumped on the dollar boat, though he took home $268, 102 in other compensation.
Know of any others? Email us at [email protected]
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