Apple’s CEO Steve Jobs took $1 salary again in 2007

“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.”

26 Comments

  1. No wonder they pay him so little, his forcasts are terrible….” width=”19″ height=”19″ alt=”smile” style=”border:0;” />

    no need to backdate the options when you can forward date them for the day after the forecast comes out…causing deep depression in the stock price ” width=”19″ height=”19″ alt=”smile” style=”border:0;” />

    you can say anything when you smile!

  2. Everyone knows Steve is not in it for the money. He really has a passion for the stuff they create. Unlike the MS leaders who are either drones reading off a list or high on caffeine jumping around like a sleazy used car salesman on TV, SJ is in it for creating really cool stuff.

  3. He deserved about a zillion times that amount.

    According to filings, he took no stock, no benefits, nothing – just the dollar! But the board is getting together on voting on a “bonus” for him.

    Interesting how Apple gave poor forward guidance for the next quarter, dropping the price down to $135 from the near $200 level. What an opportunity to grant him stock that will indeed appreciate way beyond that $200. Hmmmm…..

  4. It’s really surprising, a guy like Steve Jobs who is nearsighted and requires glasses to see the crowd at MacWorld, allows his company to produce glossy computer screens and ruins the the eyes of millions of young children with eye fatigue caused by eyestrain of the eye focusing back and forth between the reflections, requiring them to get glasses early in life.

  5. “It’s really surprising, a guy like Steve Jobs who is nearsighted and requires glasses to see the crowd at MacWorld, allows his company to produce glossy computer screens and ruins the the eyes of millions of young children with eye fatigue caused by eyestrain of the eye focusing back and forth between the reflections, requiring them to get glasses early in life.”

    Geez. And to think I thought it was from all the masturbation looking at nudie sites all day.

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