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CEOs who Earn $1 a Year
Fremont: CEOs have been competing to win the "Who earns the most" tag, but there are few CEOs who earn a meager salary of a dollar a year. Though they receive stock options, the dollar a year exempts them from payroll taxes. Here are few CEOs, who are on the dollar a year club.
Vikram Pandit
Vikram Pandit, CEO, Citigroup, receives a yearly compensation of $1, sans any bonus or stock awards. Citigroup, which was the hardest hit during the global economic downswing in 2008, saw Pandit make a promise to take only $1 a year as salary until the bank reported a profit. Before agreeing to the almost negligible package in 2009, Pandit used to earn $125,000 as his salary, apart from $3750 in benefits. The long wait paid off in early 2011, when the Citigroup went back to its profitable days, with Pandit’s annual base increased to $1.75 million.
