Apple CEO Jobs keeps $1 salary
Apple Inc. CEO Steve Jobs' compensation package remained the usual $1 in fiscal 2010, but the value of the shares he owns has skyrocketed amid the company's ongoing success in introducing shiny new gadgets many people come to find indispensable.
In a filing with the Securities and Exchange Commission on Friday, Apple said it paid a salary of $1 to Jobs, who rejoined the company in 1997 and has overseen the company's explosive growth following the launch of the iPod, the iPhone and now the iPad.
As is customary, Jobs got no bonus or perks during the fiscal year that ended Sept. 25, 2010. Apple said it reimbursed Jobs $248,000 for company travel on his personal jet, a $90 million Gulfstream V he received as a bonus in 1999. This is well above the $4,000 Apple reimbursed its CEO in 2009, when Jobs was on medical leave for nearly six months.
Shares worth $1.84B
Jobs, however, holds 5.5 million of Apple's shares, which gained about 60 per cent in value during the fiscal year and have continued to rise since. Apple's shares closed at $333.73 on Thursday, bringing the value of Jobs' personal holdings to $1.84 billion.
The company's net income jumped 70 per cent in fiscal 2010 to $14 billion, on revenue of $65.2 billion, an increase of 52 per cent from a year earlier thanks to strong demand for its personal gadgets and Mac computers.
Jobs, 55, has not sold any shares since he rejoined the company in 1997 following a 12-year hiatus. He has not been awarded any new equity since 2003 but remains Apple's largest individual shareholder. His annual salary has been $1 since 1998.
Top Apple executives, including Jobs, are employed at will, without severance or employment agreements, tax reimbursements or supplemental retirement benefits. The company also does not provide perks to the executives other than those available to non-executive employees, according to the filing.
The Associated Press compensation calculation includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.