Chairman and Chief Executive Officer Zuckerber of Facebook Inc. (NASDAQ: FB) may not care about what his base pay is. His stock holdings in the social network are enough to make him a billionaire many times over.
Based on the Facebook proxy for 2012, Zuckerberg will have a base pay of $1. Since he has voting control of the company, which makes the board's opinion on the matter academic, it is as well to say that Zuckerberg decided all he deserved, or needed, was a dollar. And the move many be an attainment for the disastrous IPO.
We entered into an amended and restated offer letter with Mr. Zuckerberg, our founder, Chairman, and CEO, in January 2012. This offer letter agreement has no specific term and constitutes at-will employment. Mr. Zuckerberg's annual base salary as of December 31, 2012 was $500,000 and he was eligible to receive annual bonus compensation under our Bonus Plan. On January 1, 2013, Mr. Zuckerberg's annual base salary was reduced to $1 and he will no longer receive annual bonus compensation under our Bonus Plan.
Last year, Zuckerberg made just under $2 million, and his chief assistant, COO Sheryl K. Sandberg, made $26.2 million.
As for Zuckerberg's holdings, he owns 485,601,850 shares which is 66.5% of Class B shares and 53.7% of all voting shares. He also holds proxies that represent 67.2% of all voting shares when totaled with his.
Filed under: 24/7 Wall St. Wire, Compensation Tagged: FB, featured