In a move sure to take cost savings to a newly symbolic level, Yahoo! said today that Terry Semel's salary would be reduced to $1 each year throughout 2008, just like the top management at Google.
[Aside: as someone who's often been responsible for payroll, I've always wondered how these checks were processed; is it paid all at once or split up into bi-monthly amounts of four cents each? And do they withhold FICA?]
In return, Semel received 6 million stock options at an exercise price of $31.59 per share, as well as the opportunity to receive up to 1 million additional stock options each year. Semel has made $429 million in stock rewards, in addition to his $600,000 salary -- so please don't start sending him your leftover cans of garbanzo beans.
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Reader Comments (Page 1 of 1)
6-03-2006 @ 9:50AM
Marvin J. Kolaric said...
Terry is not giving up anything. I respect the fact that he reduced his salary to $1 a year to 2008, but folks he guaranteed himself more than what his pay would be. The fact that he is guaranteed 1 million shares each your was a very well thought out option........ You are right do not send him any sympathy cards.
Yahoo Stock Owner.
6-06-2006 @ 3:02PM
tom stefano said...
so he ends up making more, a lot more! He deserves it, but why the hype?
I think these guys that started such disruptive technologies deserve to be billionairs.