Image via Complex Original
In the tech industry, there’s a sort of tradition where the wealthiest power players sacrifice their million-dollar incomes in exchange for a $1 salary. Don't worry—their substantial stock options help balance the disparity. Many consider it to be the ultimate status symbol. Some even compare it to being knighted by Silicon Valley. Whichever way you view it, it's a prestigous honor to take on. Just recently, Mark Zuckerberg became the latest high-profile figure to join this elite club. While an incredible feat for any web entrepreneur under the age of 30, the Zuck follows in the footsteps of many tech greats.
Jim Barksdale (Netscape)
Year: 1997
Net worth: Unknown
The first-ever tech CEO to join the $1 salary club just so happens to be the former chief behind the “world’s first popular browser.” Barksdale took the gamble of tying his future earnings to the company’s long-term stock performance, already knowing he had stock options awaiting. Rumor has it the board offered him the opportunity to buy 8 million shares at five cents per share.
Larry Ellison (Oracle)
Year: 2010
Net worth: $41 billion (estimated)
Hard to believe an entrepreneur who owns his own island would ever settle for a single-digit income, but Oracle’s capo did so in 2010. Think that fazed him? Please. Dude’s 1.18 billion in company shares were enough to help him land even more multi-million-dollar properties like his $110 million mansion and former $200 million Rising Sun yacht.
Mark Pincus (Zynga)
Year: 2013
Net worth: $800 million (estimated)
We all assumed the Zynga bigwig was playing an April Fools Day joke when filing for his new annual salary and forging all cash bonuses this past April 1st. Turns out Pincus was dead serious. The decision came after the company reported significant layoffs and market share loss. Guess the jokes on the haters because according to Bloomberg, he’s still worth over $800 million.
John Chambers (Cisco)
Year: 2002
Net worth: $1 billion (estimated)
Company documents filed with the Securities and Exchange Commission indicate the Cisco CEO accepted his new paycheck and surrendered 2 million of the 6 million options granted back in 2002.The board had no problems complying with his demands. Pretty admirable seeing how he joined during a time period when the company was only valued at $1.3 billion.
Eric Schmidt, Larry Page, and Sergey Brin (Google)
Year: 2007
Net worth: $8.2 billion, $23 billion, and $22.8 billion (estimated)
Once considered the tech industry's most powerful trio, Google's power players made the crazy suggestion of cutting their salaries before the company launched its IPO. Interestingly enough, co-founders Brin and Page didn't get their wish until 2007. Don't cry for the: Ownership shares in Google have made all three billionaires.
Darren Entwistle (TELUS)
Year: 2009
Net worth: Unknown
So little has been disclosed regarding the TELUS CEO’s financial portfolio. All that's known is Entwistle has caked off of $1.36 million in shares over the past four years, while accepting his new pay cut.
Meg Whitman (HP)
Year: 2011
Net worth: $1.9 billion (estimated)
Immediately after HP let former CEO Léo Apotheker walk away with $10 million in severance pay and bonuses, Whitman took over and filed for a massive pay cut. In doing so, she would be eligible for cash bonuses and stock options based on the company’s future performance, which could have peaked at $6 million as of last year, along with an option to purchase 1.9 million shares. Guess it pays (big) to be one of the worst tech CEOS of all time.
Terry Semel and Jerry Yang (Yahoo!)
Year: 2006, 2007
Net worth: $1.5 billion and $300 million (estimated)
In 2006, Semel agreed to taking on a $1 salary and signed off on a long-term compensation plan that saw him collect $70 million in stock options. Yang would serve as successor to the Yahoo! throne a year later and took a different approach—passing on all bonus and stock options during a time when the company saw it’s stock fall by 12 percent. Modesty goes a long way in business.
Henry Samueli (Broadcom)
Year: N/A
Net worth: $1.7 billion (estimated)
Another one who has kept his business records on lockdown throughout his CEO tenure, Samueli made the decision to cut back his salary for the greater good of the company. His financial fallback: ownership of the Anaheim Ducks. The NHL franchise is worth over $188 million alone. And that doesn't include any Broadcom bonuses or stock options, of which he owns over a million.
Mark Zuckerberg (Facebook)
Year: 2013
Net worth: $13.3 billion (estimated)
The face behind Facebook made the decision in April to forgo his $500,00 annual income and pass on annual performance bonuses moving forward. That’s bus fare when taking into account the $2.3 billion he earned last year after cashing out 60 million stock options right before the company’s market value dropped.
Sehat Sutardja (Marvell Technology Group)
Year: 2008
Net worth: Unknown
Two weeks after accepting a $100,000 pay raise, the Marvell co-founder and CEO humbled himself by accepting a new, lower wage, alongside wife WeiliDai and brother PantasSutardja. Many believe Sehat changes his mind after analyzing the company’s profitless forth quarter, 27-percent share drop, and 400-person layoff count endured throughout 2007.
Steve Jobs (Apple)
Year: 1997
Net worth: $7 billion (estimated as of 2011)
Upon stepping down from his CEO duties at the time, Jobs cemented his iconic status by becoming the most famous $1 CEO ever. His 5.5 million Apple shares helped secure over $1.84 billion heading towards his final days. Considering his impact on both the company and tech industry, he was well deserving of much more.
