Go Pro founder Nick Woodman will have his salary slashed from $800,000 and miss out on a multi-million-dollar bonus
Go Pro’s founder has had his pay slashed to just $1 – four years after being the best-paid boss in America.
Nick Woodman, 42, who received $285million from the miniature video camera company in 2014, will have his salary slashed from $800,000 and miss out on a multi-million-dollar bonus after his firm plunged into crisis. Instead he will get $1 in 2018.
Woodman, who is married and has three children, founded Go Pro in 2002 using $235,000 from his investment banker father.
The business is worth around $700million (£507million).
Go Pro became a stock market and commercial hit as thousands of extreme sports fans used the cameras to record themselves surfing, skateboarding, snowboarding and sky-diving.
But fierce competition from rivals has seen sales plunge.
Sales during the Christmas period dropped 38 per cent with losses swelling by 56 per cent to £133million.