Steve Jobs Worked for Only $1 Per Year
One of the greatest entrepreneurs of our time, the founder of one of the most innovative and successful companies in the world – Apple, had been working for only 1 dollar annual salary for the last 15 years! This way Steve Jobs was one of the ‘worst’ paid chief executive officers for many years in the corporate world in America. In the same time his company have been one of the best performers for these years. This looks like some kind of an oxymoron, but it’s the pure truth. Excluding the 90 million plane, which was a gift to him from the company, Jobs was paid 15 dollars in salary
This is another proof of the fact, that great entrepreneurs have never been stimulated by the money. It has been only a tool for achieving their dreams.
Steve Jobs was not the only one, who was hired for $1 as a CEO. Some of the greatest companies pay that much to their managers:
Larry Page, the new CEO of Google Inc. (from 04.2011) was also payed a dollar yearly. His predecessor, Eric Schmidt also had a one dollar annual salary. The same is true for Sergey Brin – co-founder of the company.
Jerry Yang started with $1 annually, when he was the CEO of Yahoo, after its foundation.
Oracle’s CEO and one of its founders – Larry Ellison also makes a dollar per year in salary. Fortunately he survived from starvation, having some billions of dollars in Oracle’s shares.
Have you heard about the company “Whole Foods Market”? One of its founders – John Mackey, wrote to his staff:
“I have reached a place in my life where I no longer want to work for money, but simply for the joy of the work itself and to better answer the call to service that I feel so clearly in my own heart.”
Guess what he did with his salary…
I hope any of you will reach this point in your own life!
What’s the point with one dollar salaries?
Many managers just love their job, and don’t want money for doing what they enjoy. This could be a a good reason to work for a dollar per year. But in fact, there are some benefits, that come from this: you save taxes – no payroll taxes are paid (nearly 15% from the wage) and in the same time you can earn from dividends paying only federal income taxes. 15% could be a pretty nice amount from a big salary…