In a move sure to take cost savings to a newly symbolic level, Yahoo! said today that Terry Semel's salary would be reduced to $1 each year throughout 2008, just like the top management at Google.
[Aside: as someone who's often been responsible for payroll, I've always wondered how these checks were processed; is it paid all at once or split up into bi-monthly amounts of four cents each? And do they withhold FICA?]
In return, Semel received 6 million stock options at an exercise price of $31.59 per share, as well as the opportunity to receive up to 1 million additional stock options each year. Semel has made $429 million in stock rewards, in addition to his $600,000 salary -- so please don't start sending him your leftover cans of garbanzo beans.
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