Stock options and such notwithstanding, everyone reading this can officially declare that their company pays them more per year than Yahoo pays CEO Terry Semel. On Friday, Yahoo's board cut Semel's
salary to $1--but boosted his future compensation through stock options and grants. An SEC filing reveals that Semel will make $1 per year through 2008; he earned $600K each of the past three years.
Since it went public in 2004, Google, Inc. has also paid its top executives, co-founders Larry Page and Sergey Brin and CEO Eric Schmidt, $1 each, also compensating the billionaires through stock
options and grants. Semel's getting up to a million shares a year, based on company performance, that will be priced at Yahoo's closing price the day of the grant. Today, that's worth just under $32
million. Yikes.
Read the whole story at Reuters.com »