Why CEOs Receive A One Dollar Annual Salary?

21.12.2015 4435

Mark Zukerberg, Jack Dorsey, Sergey Brin, Eric Schmidt — these and many other entrepreneurs receive salary in $1 a year. Some of them don't even get bonuses or additional compensatory payments. Such businessmen are called Dollar-a-year man.

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Dollar-a-year-man is a term popularized in the United States and Canada during the Second World War, when titans of industry took leave from their companies to assist the government fulltime in the war mobilization of industry. As men of great wealth, they were not in need of compensation, and in any case, saw their role in terms of national service at a time of need. As such, they settled on the symbolic payment of on e dollar a year.

One of the first Dollar-year-men was Alvan Fuller - a businessman and one of the wealthiest men in America, owning what in 1920 was recognized as "the world's most successful auto dealership." He was the Governor of Massachusetts from 1925 to 1929 and for that four yaers he was paid $1 a year. Also, did Paul G. Blazer - President and CEO of Ashland Oil and Refining Company served twice as a government salaried adviser of President Franklin D. Roosevelt.

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