Best paid boss in America has wages slashed to $1

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 $285m 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 $700m (£507m).

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 38pc with losses swelling by 56pc to £133m.