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

“Apple Computer Inc. said Friday that Chief Executive Steve Jobs’ compensation for the past fiscal year consisted of a $1 salary, just as it did for the previous two years,” MarketWatch reports.

MarketWatch reports, “After canceling his outstanding options in March 2003, Jobs got 10 million split-adjusted restricted shares and has received a total of $4 in salary since, according to Apple’s most recent annual report and previous documents filed with the Securities and Exchange Commission.”

Full article here.

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Forbes: Apple CEO Steve Jobs the 49th richest American with $4.9 billion – September 22, 2006
Apple’s CEO Steve Jobs took $1 salary again in 2005 – March 13, 2006
Apple’s CEO Steve Jobs took $1 salary again in 2004 – March 15, 2005
Apple’s CEO Steve Jobs took $1 salary again in 2003 – March 11, 2004

23 Comments

  1. Spark, is it gonna motivate them for maximising the company value short term or long term?

    Or, more precisely, if you are such a CEO and have options, and you want to get the most out of them, you make sure that the share price peaks when it’s best for you. That might happen to be the same moment as when your kids want to go to college, but it could also not be.

    Motivation through money is mostly an incentive to optimise on the wrong parameters.
    That’s why I’m glad that Steve really seems to enjoy his job, an has his heart in it.

  2. “Fair AND smart. As CEO, tie your fortunes to the company (fair), and get to pay a lower tax rate as capital gains (smart). Gotta love that Jobs!”

    And taking his salary directly from the pockets of the other shareholders in a way most of them they don’t understand. Brilliant.

  3. Definitely way better to get that 10M shares rather than be paid a poultry 1M in salary. If you average that over the nine years since he rejoin Apple in 1997 that makes over $80M dollar a year. Of course that isn’t income until he sells it, but it sounds like he’s paid the tax on that already, so when he does it will all go to him!

    Note he takes the $1 in order to get health insurance! Smart move considering the cancer treatment he needed.

  4. Nathan,

    SJ, like any other Apple employee who gets a grant of shares, pays income tax on the value of the shares he’s granted at the time that they come into his posession. Capital gains only enters into it if the shares are held and sold later at a profit.

    -jcr

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