From a letter sent November 2 by Whole Foods Markets CEO John Mackey to his employees: “The tremendous success of Whole Foods Market has provided me with far more money than I ever dreamed I’d have and far more than is necessary for either my financial security or personal happiness…. I am now 53 years old and I have reached a place in my life where I no longer want to work for money, but simply for the joy of the work itself… Beginning on January 1, 2007, my salary will be reduced to $1, and I will no longer take any other cash compensation….”
Though he’s not the first of “$1 dollar executives” (tax reasons maybe?), he specifically says “cash” so it’s likely he still has something to gain in the form of stocks, etc. But I still liked his wording… “Success has provided me with far more money than is necessary for either my financial security or personal happiness.” When does financial ambition realize its both secure and happy?
I No Longer Want To Work For Money [Fast Company]