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Apple’s CEO Steve Jobs took $1 salary again in 2006

Monday, April 16, 2007 · 9:43 am · 25 Comments

“Apple Inc. said Monday that Chief Executive Steve Jobs got a salary of $1 last year – as he did in 2004 and 2005,” Jared A. Favole reports for MarketWatch.

“The Cupertino, Calif., tech company said in a proxy statement filed with the Securities and Exchange Commission that… Jobs has received the majority of his compensation through an equity grant and isn’t eligible for a bonus, according to Monday’s filing. He doesn’t receive any other compensation, the company said.”

Full article here.

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Comment Feed

25 Comments

1 2 Next »

R

Monday, April 16, 2007 - 9:45 am · Reply

Yes, and he took it around the world on his Gulfstream jet.
Falkirk

Monday, April 16, 2007 - 9:47 am · Reply

I have a larger salary than Steve Jobs.

Less satisfying than I had anticipated.
The Other Steve

Monday, April 16, 2007 - 9:52 am · Reply

A CEO that gets paid to succeed and nothing to fail. What a novel concept.

When your paid $1 a year you do things your way to make it work and don’t worry about people playing politics. It works for Steve.
Blooregard325i

Monday, April 16, 2007 - 10:11 am · Reply

Does he have to pay tax on that?
JObo

Monday, April 16, 2007 - 10:15 am · Reply

DOnt they have to pay him minimum wage?
Macaday

Monday, April 16, 2007 - 10:15 am · Reply

I bet they frame it for him for gratis too.

He’s got a wall in his home, with 97, 98, 99, 00….

Probably the best value dollar anyone has ever paid.
Advocate for the Homeless

Monday, April 16, 2007 - 10:18 am · Reply

Gee, Apple is mean. No wonder Mr. Jobs is skinny. I think we should hold a tag day for him.
@JObo

Monday, April 16, 2007 - 10:34 am · Reply

DOnt they have to pay him minimum wage?

No, because he’s a manager, like the janitor at Target.
oh my

Monday, April 16, 2007 - 10:41 am · Reply

Think I read somewhere that “The Woz” also gets $1 / year, too …
Wonder if that’s still true ?
Yeah, right...

Monday, April 16, 2007 - 11:12 am · Reply

all nice and dandy but I’ll gladly exchange my salary (thousands and thousands more than Steve’s) in exchange with Steve’s salary and his equity grants.
Pervus Ulvis

Monday, April 16, 2007 - 11:57 am · Reply

Can someone help me out. What is an equity grant? I mean, what is it and whats it really worth. Sounds like some type of tricky accounting.
d

Monday, April 16, 2007 - 12:15 pm · Reply

He doesn’t exactly paid for the company’s success. He gets paid for an increase in the stock price. While it would seem that these should go hand-in-hand they frequently don’t. There is a great deal of correlation between the performance of the overall market and the performance of an individual stock. Price is impacted by future expectations more than current performance. His rock-star persona fuels these expectations which increase his compensation.

Price falls whenever a company pays a dividend. Apple is sitting on a mountain of cash but if it chose to pay a dividend it would hurt Jobs’ compensation. Is this fair? (if he got paid those dividends it should net out but only before taxes)

I’m not saying that the comp plan is or isn’t good or fair or anything else. I’d be curious to know what an executive compensation specialist thinks of paying on price vs current performance.
JoeyGNJ

Monday, April 16, 2007 - 12:33 pm · Reply

He exercised equity grants from 2003 that were worth almost $850 million. Much deserved, but he won’t be starving, so don’t worry about him.
Walter Chillum

Monday, April 16, 2007 - 1:10 pm · Reply

Dear Pervis,

An equity grant is where an employee or manager is paid via stock options. This is seen as an incentive for compensating good employees.

A possible downside of equity grants is that it can dilute the value of shares own by existing shareholders. Also where an employee is in a non-core position there is little incentive to work harder because these employees never get access to such options.

One final downside of such grants is that somebody comes into a firm with a specific goal which they achieve and then go to the next organisation achieve the goal and then hop on to the next firm and so on and their main compensation are via equity grants.

Summing up this explanation, I guess you could say that equity grants are an example of the new economy. And the argument for and against are linked to the old economy verses the new economy.
Walter Chillum

Monday, April 16, 2007 - 1:17 pm · Reply

Pervus,

I misspelt your name. My apologies but it early in the morning where I am.
LordRobin

Monday, April 16, 2007 - 1:18 pm · Reply

Think I read somewhere that “The Woz” also gets $1 / year, too …
Wonder if that’s still true ?

Considering that the only reason that Jobs accepts even the $1 is so he can be on Apple’s health plan, I wouldn’t be surprised.
d

Monday, April 16, 2007 - 1:27 pm · Reply

“Considering that the only reason that Jobs accepts even the $1 is so he can be on Apple’s health plan, I wouldn’t be surprised.”

I find this very hard to believe. Make that impossible.
Why is this news?

Monday, April 16, 2007 - 1:34 pm · Reply

Steve Jobs takes a $1 every year. And it is really basically meaningless that he does because he one of the wealthiest individuals around.

What are we trying to say here. That somehow by taking $1 that somehow he is saceficing something. Wow Steve Jobs is amazing because he only takes a $1 every year. Yeeesh.

Give me the homeless person that finds $20 on the street but gives it away to someone else because he or she doesn’t need it. Now that is something to take note of.
Mr Trousers

Monday, April 16, 2007 - 1:38 pm · Reply

I bet he bought an iTune with his salary …..
Benton

Monday, April 16, 2007 - 2:18 pm · Reply

What is a reasonable estimate of earnings Steve derives from the lease of iJet (Gulfstream V) provided by Apple as compensation in 1997? A form of private income off the public radar. The most recent public reports indicate Apple reimbursed Steve $220K for business operations. That leaves the iJet unused or on loan to a leasing company.
Who follows the travels of iJet’s tail number N2N based at Stockton Airport CA?