Apple CEO Steve Jobs receives salary of $1 in 2009

Posted:
in General Discussion edited January 2014
Steve Jobs was compensated $1 for his work as Apple's CEO in 2009, a tradition that has existed since 1997.



Steve Jobs officially made $1 in salary in 2009, continuing a tradition started in 1997. Apple disclosed this information in a preliminary proxy statement sent to its shareholders on Wednesday.



Jobs holds nearly 5.5 million shares of Apple's stock, a position he has held steady since 2003, making his holdings in the company worth over $1 billion. He is also the largest single shareholder in The Walt Disney Co. at 7.4 percent.



Earlier in December, Jobs was named the world's best-performing CEO in the January-Feburary 2010 edition of Harvard Business Review. He was credited with delivering a 3,188% industry-adjusted return since he rejoined the company as CEO in 1997.



Jobs was given the title "CEO of the Decade" by Fortune for his role in turning Apple into a groundbreaking technology leader and "the most valuable company in Silicon Valley." He was also a finalist for Time magazine's 2009 "Person of the Year."



Apple's annual shareholder's meeting is currently scheduled for February 25, 2010.
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Comments

  • Reply 1 of 50
    I think more CEO's should be paid this way. Pretty awesome that his pay is really based on his performance, stock goes down, he stands to lose a ton of money, for every $1, he'll lose $5,500,000....
  • Reply 2 of 50
    Quote:
    Originally Posted by AppleInsider View Post


    Steve Jobs was compensated $1 for his work as Apple's CEO in 2009, a tradition that has existed since 1997.



    But I wonder where his cashflow comes from? You can't eat stocks.
  • Reply 3 of 50
    dunksdunks Posts: 1,240member
    Quote:
    Originally Posted by PaulSorensen View Post


    But I wonder where his cashflow comes from? You can't eat stocks.



    More importantly what does he do with the 1c left over after he downloads "we are the champions" by queen off the iTunes store.
  • Reply 4 of 50
    Quote:
    Originally Posted by Dunks View Post


    More importantly what does he do with the 1c left over after he downloads "we are the champions" by queen off the iTunes store.



    Well done.
  • Reply 5 of 50
    Quote:
    Originally Posted by xgrewellx View Post


    I think more CEO's should be paid this way. Pretty awesome that his pay is really based on his performance, stock goes down, he stands to lose a ton of money, for every $1, he'll lose $5,500,000....



    i think you're really right about this. what with all the controversy at the moment about executive salaries/bonuses, you have right here a solid gold way to tie executive income to long-term company performance.
  • Reply 6 of 50
    Quote:
    Originally Posted by PaulSorensen View Post


    But I wonder where his cashflow comes from? You can't eat stocks.



    I'm sure that Jobs has other investments that provide a high rate of return.



    The AP reports that he owns 7.4% of Disney stock worth approximately $4.5 billion. Since the dividend is $0.35, he's probably making close to $50 million annually in Disney dividends alone. Investment income is taxed at a lower rate than salary.



    http://www.google.com/hostednews/ap/...IYkHAD9CPB2380



    He actually owns less Apple stock.
  • Reply 7 of 50
    doesn't he get paid a fraction of that one dollar due to his long absence from work?
  • Reply 8 of 50
    macnycmacnyc Posts: 342member
    Quote:
    Originally Posted by AppleInsider View Post


    Steve Jobs was compensated $1 for his work as Apple's CEO in 2009.



    And he is worth every penny!
  • Reply 9 of 50
    Quote:
    Originally Posted by PaulSorensen View Post


    But I wonder where his cashflow comes from? You can't eat stocks.



    When he sold Pixar to Disney he received over 7 Billion dollar partly Disney stocks and cash...I don't think he is hurting for daily expenses..
  • Reply 10 of 50
    Quote:
    Originally Posted by PaulSorensen View Post


    But I wonder where his cashflow comes from? You can't eat stocks.



    Jobs owns 7.4% of Disney, it pays and annual .35 dividend...that is roughly $48 million each year.
  • Reply 11 of 50
    Quote:
    Originally Posted by macnyc View Post


    And he is worth every penny!



    ...and a billion more!
  • Reply 12 of 50
    The real question is, how much did he get from bonuses?
  • Reply 13 of 50
    zmaczmac Posts: 15member
    Quote:
    Originally Posted by PaulSorensen View Post


    But I wonder where his cashflow comes from? You can't eat stocks.



    Steve is the bigest individual share holder of Disney. Disney pays a nice dividend!
  • Reply 14 of 50
    Quote:
    Originally Posted by PaulSorensen View Post


    But I wonder where his cashflow comes from? You can't eat stocks.



    Quote:
    Originally Posted by cvaldes1831 View Post


    I'm sure that Jobs has other investments that provide a high rate of return.



    The AP reports that he owns 7.4% of Disney stock worth approximately $4.5 billion. Since the dividend is $0.35, he's probably making close to $50 million annually in Disney dividends alone. Investment income is taxed at a lower rate than salary.



    http://www.google.com/hostednews/ap/...IYkHAD9CPB2380



    He actually owns less Apple stock.



    Quote:
    Originally Posted by Y.M.S.BUSHAN View Post


    When he sold Pixar to Disney he received over 7 Billion dollar partly Disney stocks and cash...I don't think he is hurting for daily expenses..



    Quote:
    Originally Posted by Rugburn View Post


    Jobs owns 7.4% of Disney, it pays and annual .35 dividend...that is roughly $48 million each year.



    Quote:
    Originally Posted by zmac View Post


    Steve is the bigest individual share holder of Disney. Disney pays a nice dividend!



    DISNEY?



    Nah.





    Four times is the charm, isn't it?





    But how symbolic is that 1USD? Does anyone know how he gets paid?

    And what about the shareholders meetings? There was an article this week, that at every meeting of the bigger shareholders, they get paid 120.000USD or so. Does he get that too? And why don't get all the shareholders that kind of money if they would show up?
  • Reply 15 of 50
    davidwdavidw Posts: 969member
    Quote:
    Originally Posted by TechieFromTex View Post


    The real question is, how much did he get from bonuses?





    Nothing. According to this version of the story, Jobs has not received any more shares of AAPL since 2003. And I don't remember seeing it in any 10K report. I believe it must be disclosed if any executive or board member receives any stock options or stocks as part of his pay or bonus.





    http://finance.yahoo.com/news/Apple-....html?x=0&.v=1
  • Reply 16 of 50
    Quote:
    Originally Posted by spinnerlys View Post


    And what about the shareholders meetings? There was an article this week, that at every meeting of the bigger shareholders, they get paid 120.000USD or so. Does he get that too? And why don't get all the shareholders that kind of money if they would show up?



    This doesn't sound plausible. I've never heard of any companies doing something like this.



    What many companies do is to pay directors for their attendance at board meetings. For some people, that's their occupation (professional board sitter). Depending on the individual and maybe the company culture, some board members decline getting paid (a quick Google search shows that Jobs declined compensation for sitting on Disney's board and is probably the only Disney board member to do so).



    That's different than the scenario you propose (which sounds particularly fishy). Please identify the article where you read about this practice and report back. Thanks.
  • Reply 17 of 50
    1st1st Posts: 363member
    Quote:
    Originally Posted by AppleInsider View Post


    Steve Jobs was compensated $1 for his work as Apple's CEO in 2009, a tradition that has existed since 1997.

    2010.



    Hi, I am share holder since mid 90s. Did I gave him an airplane one time or the other? That makes $1 plus a real plane (not virtue, not the one fly around appl world, a real plane-human transport machine, assume that human is includng Mr. Jobs, who deserve to be close to God occasionally, in the sky)
  • Reply 18 of 50
    kibitzerkibitzer Posts: 1,113member
    Quote:
    Originally Posted by cvaldes1831 View Post


    What many companies do is to pay directors for their attendance at board meetings.



    That's usually the practice with respect to outside directors, but not inside directors, who are compensated for their active employment.
  • Reply 18 of 50
    Quote:
    Originally Posted by 1st View Post


    Hi, I am share holder since mid 90s. Did I gave him an airplane one time or the other? That makes $1 plus a real plane (not virtue, not the one fly around appl world, a real plane-human transport machine, assume that human is includng Mr. Jobs, who deserve to be close to God occasionally, in the sky)



    Yeah, you gave him a plane in 1999, but it wasn't part of his salary. It was a one-time bonus.
  • Reply 20 of 50
    Quote:
    Originally Posted by Kibitzer View Post


    That's usually the practice with respect to outside directors, but not inside directors, who are compensated for their active employment.



    Correct.



    Steve is a non-employee director and was thus eligible for compensation from Disney. He declined and Disney had to approve a change in their compensation policy to exclude him.
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