Now That’s a Pay Cut

Whether it’s Bill Gates giving his blimp-load of cash to charity, or Richard Branson climbing the Alps, it always pleases me a little when CEOs foil our expectations that they’ll be chubby, money-grubbing, cigar-chomping suits. I was happy to read Whole Foods CEO John Macke’s recent letter 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 and to better answer the call to service that I feel so clearly in my own heart. Beginning on January 1, 2007, my salary will be reduced to $1, and I will no longer take any other cash compensation.

If I were cynical, I’d point out that publishing such a letter in Fast Company is just an attempt to put good news mascara on the face of a declining stock price. That may be true, but I appreciate it when so-called Captains of Industry makes us rethink our stereotypes.