Biolase announced that CEO Federico Pignatelli will continue his nominal annual salary of $1.00.
Pignatelli said his plan is to generate continued growth and improved financial performance for the company, according to a press release. A CEO's salary should be tied only to the financial performance of the company he leads and not to arbitrary, extravagant and exorbitant numbers decided by an irresponsible and friendly board of directors, he said.
He invited the CEOs of other American companies and the country's politicians to follow his example.
The company announced this week that its fourth-quarter revenues are up 36% to $13.2 million over the same quarter 2010 and its 2011 revenues were $48.9 million, up 87% from $26.2 million in 2010.
