Is This Really Legal?

As workers at the bankrupted auto supplier Delphi face sharp wage cuts and cuts in health and pension benefits (Those who get to keep their jobs, that is), Steve Miller the CEO of Delphi decided to make a goodwill gesture and lower his pay to only $1-per year. That's really nobel of him-but my question is: is this really legal? After all, there is such a thing as a $5.15 minimum wage. Or are we to believe that he is going to work less than 12 minutes?

BTW: You can see in the company fact sheet in the above provided link that Delphi is based in a Michigan city called Troy. Troy as you might remember is the name of a city in what is now western Turkey that according to Greek legend was destroyed by the Greeks after having been deceived into letting a wooden horse secretly filled with Greek warriors in. Almost quite fitting name of the place for the headquarters of a company that have been destroyed .