“Apple Inc. Chief Executive Steve Jobs continued his tradition of taking home only $1 in salary in 2007, when he also gained $14.6 million on paper by exercising stock options that were about to expire, according to a filing with the Securities and Exchange Commission,” Jordan Robertson reports for The Associated Press.
“Jobs has taken a $1 annual salary since returning to the Cupertino-based company in 1997 and has hoarded his shares of Apple stock since then, accumulating about 5.5 million, according to Apple’s proxy report filed Wednesday with the SEC,” Robertson reports.
“The value of Jobs’ stock has taken a beating over the past month, however, as investors have retreated from Apple shares amid fears of slowing consumer spending and a recession in the United States,” Robertson reports. “Since Apple released a disappointing second-quarter forecast after the close of trading Tuesday, Apple shares have plunged almost 11 percent. That drop has lopped $20 billion from the company’s market value and trimmed the value of Jobs’ stake by $125 million to a total of around $730 million.”
“After he returned to the company he co-founded more than 20 years earlier, Jobs’ bonus in 1999 for engineering an impressive turnaround was a $90 million Gulfstream V jet, whose operation Apple still helps pay for,” Robertson reports. “Under a reimbursement agreement, the company repays him for the expenses of operating his private plane when it is used for company business, an arrangement that cost Apple $776,000 in 2007, according to the filings.”