Have an extra buck? You’ve got enough to hire CEOs of two giant U.S. corporations.
CEOs often makes tens of millions – or even more – including a few CEOs in the restaurant industry that make more than $13,000 – an hour! But not these two. Richard Kinder, CEO of energy pipeline operator Kinder Morgan (KMI) and John Mackey, co-CEO of organic food Whole Foods (WFM) were paid just a buck last year – making them just two CEOs in the Standard & Poor’s 500 to make that little, according to a USA TODAY review of data from S&P Capital IQ.
Understanding what CEOs are paid will be top of mind this week as investors brace for the final big wave of the last remaining proxy statements from companies in the S&P 500. Roughly 100 proxies from S&P 500 companies are still due – many of those coming this week. Proxy statements disclose how much CEOs are paid.
Kinder and Mackey are the two $1-a-year CEOs among the largest companies. Broadening to include smaller companies – those in the S&P SmallCap 600 and S&P MidCap 400 indexes – there are two more: James Truchard who earned $1 last year as CEO of measurement tool maker National Instruments (NATI) and Kosta Kartsotis, CEO of watch maker Fossil (FOSL), who has worked for free for at least the past three years.
You’re probably thinking the idea of a CEO making $1 is just a corporate mirage. Somehow the companies are funneling extra stock options or bonuses, right? Nope. These figures include total reported pay for the fiscal year – according to the Securities and Exchange Commission’s guidelines – including salary, bonuses and stock grants.
SOURCE: Matt Krantz