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Jobs seeks no compensation at Disney

post #1 of 22
Thread Starter 
Apple Computer chief executive Steve Jobs has requested that Walt Disney Co. not compensate him for his new role as a member of Disney's board of directors.

In a filing with the Securities and Exchange Commission last week, the entertainment conglomerate said it approved a modification to the Boards compensation policy for non-employee Directors of the Company to exclude Jobs from compensation under the policy.

Jobs joined the board earlier this year following Disney's $7.4 billion acquisition of Pixar Animation Studios, at which Jobs had served as chairman and chief executive.

The request by Jobs not to be paid for his leadership services is not surprising. He also receives no more than $1 per year for his role as Apple's chief executive. (The $1 salary is paid to Jobs to make him eligible for health insurance for his family.)

Last week, Apple disclosed that an internal investigation turned up irregularities with stock option grants issued between 1997 to 2001, including one to Jobs.

The grant was subsequently canceled and Jobs received no financial benefit, the company said.
post #2 of 22
There should be more board members and CEOs like Jobs.

Proud AAPL stock owner.

 

GOA

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Proud AAPL stock owner.

 

GOA

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post #3 of 22
Quote:
Originally posted by SpamSandwich
There should be more board members and CEOs like Jobs.

Well, I think CEOs should be paid but not the outlandish amount many of them make. Jobs is an exception on salary due to his huge fortune. A salary of a couple hundred thousand per year to a CEO with some benefits given for high levels of performance would be fine and better than the presently out of control execuive salaries.
post #4 of 22
Quote:
Originally posted by Mr. MacPhisto
Well, I think CEOs should be paid but not the outlandish amount many of them make. Jobs is an exception on salary due to his huge fortune. A salary of a couple hundred thousand per year to a CEO with some benefits given for high levels of performance would be fine and better than the presently out of control execuive salaries.

Dude, where d'ya think Steve made his "huge fortune?" He's been on the one dollar salary since way back when. The idea is that he only makes money off of the stock. Therefore what he earns is proportional to the company's performance. It's not like he's working for free or something...
post #5 of 22
Quote:
Originally posted by meelash
Dude, where d'ya think Steve made his "huge fortune?" He's been on the one dollar salary since way back when. The idea is that he only makes money off of the stock. Therefore what he earns is proportional to the company's performance. It's not like he's working for free or something...

That may be the best way to ensure good performance. Carly Fiorina basically took a dump on HP and she still walked away with a huge severance package.
post #6 of 22
Does anybody know if Jobs gets the $1 spread out over 26 pay periods (with taxes taken out) or if it's a "lump sum" check once a year?
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post #7 of 22
Quote:
Originally posted by CosmoNut
Does anybody know if Jobs gets the $1 spread out over 26 pay periods (with taxes taken out) or if it's a "lump sum" check once a year?

Hahaha...
post #8 of 22
You should call him and ask.
post #9 of 22
Further proof that the probe into the Apple options will show no wrongdoing on Jobs part. He is simply not as motivated by money as many are. He would much rather change the world. People who would do shady things for financial gain would not give up compensation which is legimately owed to them.
post #10 of 22
Quote:
Originally posted by CosmoNut
Does anybody know if Jobs gets the $1 spread out over 26 pay periods (with taxes taken out) or if it's a "lump sum" check once a year?

Once a year, on a check.
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"There's no bigot like a religious bigot and there's no religion more fanatical than that espoused by Macintosh zealots." ~Martin Veitch, IT Week [31-01-2003]
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post #11 of 22
I have to say that I think this is one of the coolest things Jobs does and sets him apart as a CEO.
post #12 of 22
Quote:
Originally posted by lakingsfn
I have to say that I think this is one of the coolest things Jobs does and sets him apart as a CEO.

ditto
post #13 of 22
if i'm not mistaken, Jobs' role at Apple made him a millionaire. His role at Pixar made him a billionaire (even more so since its acquisition by disney).
post #14 of 22
I don't know if Jobs was the first, but others have adopted this salary amount:
Quote:
Yahoo Chief Executive Terry Semel, the highest compensated executive in the San Francisco Bay Area last year at more than $56.8 million, will receive an annual salary of $1 through 2008, according to documents made public Friday by the U.S. Securities and Exchange Commission.

The $1 salary follows moves by other tech executives, including Apple Computer CEO Steve Jobs. Google Chief Executive Eric Schmidt, and co-founders Sergey Brin and Larry Page, have also voluntarily agreed to cut their annual salaries down to that token sum. Their salary loss is more than offset by the millions the Google executives have made off stock sales.
post #15 of 22
Quote:
Originally posted by lakingsfn
I have to say that I think this is one of the coolest things Jobs does and sets him apart as a CEO.

Cool for us low-lifes yes, probably nothing for him.
"There's no bigot like a religious bigot and there's no religion more fanatical than that espoused by Macintosh zealots." ~Martin Veitch, IT Week [31-01-2003]
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"There's no bigot like a religious bigot and there's no religion more fanatical than that espoused by Macintosh zealots." ~Martin Veitch, IT Week [31-01-2003]
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post #16 of 22
What is Steve Jobs actaully worth, financially speaking?
post #17 of 22
Quote:
Originally posted by ApplePi
What is Steve Jobs actaully worth, financially speaking?

Wikipedia says his net worth is $4.4 billion US this year, up from last year, from Forbes.
post #18 of 22
Quote:
Originally posted by Cake
I don't know if Jobs was the first, but others have adopted this salary amount:

Yep, he was the first, like in so many other things.

Quote:
Cool for us low-lifes yes, probably nothing for him.

It's probably a fairly big deal for CEO's too. Basically it gets rid of your safety net and says, if your company loses, you lose.
post #19 of 22
Quote:
Originally posted by Mr. MacPhisto
Well, I think CEOs should be paid but not the outlandish amount many of them make. . . .

Most CEOs these days are paid via a lot of bonuses, including Jobs. A good CEO can be a very valuable asset, and I don't think that CEO pay-grade is too distanced to what I'd expect the equilibrium price to be.

Now lawyers. . . they are overpayed. The american law profession has become self-sustaining, and in some respects a monopoly. The only way that CEOs can make more work for themselves is by starting more companies, which tends to be a generally productive affair for everyone involved, as well as society as a whole.
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post #20 of 22
Quote:
Originally posted by Splinemodel
Most CEOs these days are paid via a lot of bonuses, including Jobs. A good CEO can be a very valuable asset, and I don't think that CEO pay-grade is too distanced to what I'd expect the equilibrium price to be.

The real problem is that some are unfortunately paid millions just to leave, after they've turned the company into a crater.

Quote:
The only way that CEOs can make more work for themselves is by starting more companies,

That's not a task that is hard to do.
post #21 of 22
Quote:
Originally posted by JeffDM
That's not a task that is hard to do.

Have you ever tried?

Depending on how it's done, it usually takes 2-5 years for a new company to become profitable, and something like 90% of companies don't make it past 1 year. There's a risk-reward relationship. You build it, you reap the reward.

As far as CEOs who are paid to leave, that's just part of the contract, which is dictated by the market. Just FYI, you can't get a contract like that unless you've had a multitude of successes in the past. Furthermore, I don't think you have a great idea of just how hard it is to be a good CEO.
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post #22 of 22
I too would work for a dollar if you gave me a $90 million jet plane as a perk. The reason Steve Jobs takes only $1.00 a year is to avoid paying income taxes.He is given stock options and other non taxable income. It is a fairly common practice, and some members of Congress have already been talking about changing the tax laws.
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