Analysis: Why Twitter paid CEO Jack Dorsey just $1.40 last year
Twitter CEO Jack Dorsey is getting attention for 2018 pay that’s notably low -- and one that gives a symbolic wink to its own history. By Jena McGregor Jena McGregor Reporter covering leadership issues in the headlines Email Bio Follow April 9 at 1:29 PM Most CEOs make headlines when their annual pay is notably high. Twitter CEO Jack Dorsey is getting attention for 2018 pay that’s notably low -- and one that gives a symbolic wink to its own history.
While many companies have given their CEOs a $1 payday -- whether because they are wealthy founders or wanted to make a symbolic gesture during a crisis or tough times -- it’s unusual to see them “do something fun with it,” said John Roe, head of ISS Analytics. “I have not seen that before.” Twitter raised its number of characters from 140 to 280 in 2017.
Twitter’s filing notes that Dorsey “declined all compensation” when he was re-appointed CEO in 2015. He received no bonus, no new stock awards and no benefits or perquisites in 2018, according to the proxy, and did not exercise any options or acquire more shares upon vesting. Dorsey also received no salary or equity grants from Twitter in 2017; in 2016 he also received no salary but was paid $56,551 in “residential security and protective detail” costs.
“In a lot of those cases an annual salary is not meaningful to the relative individual,” Roe said. “It isn’t a big give-up on their part, but it’s a big symbolic thing that they do.”
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