“Apple Computer Inc. said Monday that Chief Executive Steven P. Jobs received a $1 salary and no other compensation for fiscal 2005, unchanged from fiscal 2004.. according to a proxy statement filed with the Securities and Exchange Commission,” MarketWatch reports. “Jobs’ 10 million restricted shares, which were granted to him in 2003, were valued at $532 million at the end of fiscal 2005, Apple said. The valuation was based on $53.20 per share, the closing price of Apple’s common shares last Sept. 23. The shares vest in full on the third anniversary of the grant date, subject to Jobs continued employment with the company. Shares of Apple closed Monday at $65.68 each. In addition, Jobs has 120,000 fully vested options that he received in 1997.”
Full article here.
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Peter: More specifically, health coverage for his family and himself.
MW: one, as in, I’d buy THAT for a dollar!
” . . . so he can buy a video if he wants too.”
I’ll bet if he asks real nicely, the people that makes those videos will burn a special copy just for him.
Dave H: “minimum wage” LOL!
Just in case, Jobs has a job lined up in Malaysia making shoes for Nike. They offered him three times his annual salary. Sweet.
Ya think THAT’S why he’s always wearing the same black turtleneck and jeans?
He is eligible for food stamps.
Just out of curiosity. If his income is $1 and rest is options/stock sales, he only pays maximum rate on $1 and capital gain tax on the sales of stocks (something like 10% for federal tax)? Sounds like very good deal for Apple and SJ. Less tax more money in pocket. I’m surprised other CEOs are not doing same thing.
OzzysCross101,
Dream on… Steve is not being altruistic by any means. He’s a shrewd businessman. The $1 is more symbolic than anything. Remember SJ’s plane?
No CEO ever needs such a large salary. They are attracted to a company by the potential of making large sums of money.
s,
More CEOs are doing the same thing now that stock options are being expensed. And some are taking in big salaries, large bonuses that dwarf salary, receiving restricted stock in addition to the 5% or more ownership stake they have in the company and previous stock options with extraordinarly low strike prices and accelerated vesting.
As Mel Brooks said, “It’s good to be the king!”
Taking one dollar for your salary is the equivalent of coming up to the plate and pointing out to right-center field and then jacking one out of the park for a walk-off homerun. Total confidence in his work. Total balls..
“For each cent he’s been payed he’s added about a billion dollars to the value of Apple.”
Then they should definitely double his salary!
“It’s just a stunt. He milks the company like every other CEO. He puts this $1 salary up there to get good press but rakes in big bucks in other ways.”
Maybe but, he only gets paid if Apple succeeds. If he doesn’t do an “Insanely Great” job, he gets nothing. How many of the “every other CEO’s” can you say that applies to?