There are about 2000 work hours in a year, give or take, so I'm assuming he said something like "55" meaning $55,000/yr but the CEO heard $55/hr which would be

There are about 2000 work hours in a year, give or take, so I'm assuming he said something like "55" meaning $55,000/yr but the CEO heard $55/hr which would be more like $110,000/yr.