Well, as far as why $1? It was basically a statement about him being at Apple for more than the money, and it really screwed Gil's image since he was in legal fights with Apple over his salary.
As far as the jet, yeah, it was way expensive, but look at the collateral expenses of past CEOs, not just the cost of their salary, but add their stock sales, used options, golden parachutes, the buy out their estates [Apple bought Gil's home estate out east and then built him a new out on the west coast and covered his moving expenses], as well as the various other consolation positions they held [Scully was Chairman or something after he gave up CEO to Spindler] ... and well it adds up.
Oh and also regarding the jet, they used to use Markula's all the time and pay him for its use, so the one time investment was probably not that bad a deal.
In terms of stock options, till he uses em they don't really add to his worth, and right now a lot of those options are priced way above the current stock prices, which it means that he is at a loss right now.
Actually he is not paid just $1.00 anymore; Mrs Jobs wanted more money to spend; so the board gave him a plane and $800 million in options plus probably a lot more which is not disclosed. Also he makes a lot of money with Pixar.
You guys should be careful is what a person is worth and what they actually have in the bank.
You do not pay your bills with what you are worth.
As usual, Apple CEO Steve Jobs was paid just $1 in the past fiscal year. However, other top Apple executives were each rewarded with options for one million shares, according to a filing with securities regulators.
The CEO?s $1 salary in 2001 was the same salary he has drawn since 1999, the company said in its annual report filed with the Securities and Exchange Commission (SEC).
Chief financial officer Fred Anderson, senior software engineer Avie Tevanian, senior hardware engineer Jon Rubinstein, and head of sales Timothy Cook were granted one million share options - after having not been granted any such payment in 2000. Apple also awarded Cook a special executive bonus of $500,000 for accepting additional duties during the year.
Apple explained that much of its future success depends on the ?continued service and availability of skilled personnel, including those in technical, marketing and staff positions?. The company stated that experienced personnel in the information technology industry ?are in high demand, and competition for their talents is intense, especially in the Silicon Valley, where the majority of the company's employees are located?.
Earnings potential
The ten-year executive options - carrying an exercise price of $16.81 - were worth just over $5 million as of December 26, 2001, and could be worth as must as $26.8 million if Apple shares appreciate by 10 per cent annually, according to the SEC filing.
Anderson drew a base salary of $657,039, down from $660,414 in 2000. Rubinstein was paid $469,737. Tevanian made $460,873, and Cook made $452,219.
Jobs held options for just over 20 million shares in Apple as of October 31, a stake of about 5.7 per cent in the company, Apple said in its filing.
Shares in Apple rallied by 47 per cent in 2001, closing up 13 cents to $21.49 on Boxing Day.
[quote]How come he only gets $1 from Apple?<hr></blockquote>
For PR.
Jobs is well compensated, but his $1/yr. salary is a sheepshow like Sam Walton driving around in old beat up Chevy pickups (back when he was still living of course).
(In the interest of full disclosure, Sam Walton was actually a very frugal and business-oriented man while Steve Jobs is essentially the polar opposite. Jobs' move is purely PR motivated, but I don't think Walton was lost on the PR value of his non-corporate demeanor.)
Comments
As far as the jet, yeah, it was way expensive, but look at the collateral expenses of past CEOs, not just the cost of their salary, but add their stock sales, used options, golden parachutes, the buy out their estates [Apple bought Gil's home estate out east and then built him a new out on the west coast and covered his moving expenses], as well as the various other consolation positions they held [Scully was Chairman or something after he gave up CEO to Spindler] ... and well it adds up.
Oh and also regarding the jet, they used to use Markula's all the time and pay him for its use, so the one time investment was probably not that bad a deal.
In terms of stock options, till he uses em they don't really add to his worth, and right now a lot of those options are priced way above the current stock prices, which it means that he is at a loss right now.
You guys should be careful is what a person is worth and what they actually have in the bank.
You do not pay your bills with what you are worth.
Oh yah one more thing,
Steve Jobs earned $1 salary in 2001
By <a href="http://www.macworld.co.uk"; target="_blank">Macworld</a> staff
As usual, Apple CEO Steve Jobs was paid just $1 in the past fiscal year. However, other top Apple executives were each rewarded with options for one million shares, according to a filing with securities regulators.
The CEO?s $1 salary in 2001 was the same salary he has drawn since 1999, the company said in its annual report filed with the Securities and Exchange Commission (SEC).
Chief financial officer Fred Anderson, senior software engineer Avie Tevanian, senior hardware engineer Jon Rubinstein, and head of sales Timothy Cook were granted one million share options - after having not been granted any such payment in 2000. Apple also awarded Cook a special executive bonus of $500,000 for accepting additional duties during the year.
Apple explained that much of its future success depends on the ?continued service and availability of skilled personnel, including those in technical, marketing and staff positions?. The company stated that experienced personnel in the information technology industry ?are in high demand, and competition for their talents is intense, especially in the Silicon Valley, where the majority of the company's employees are located?.
Earnings potential
The ten-year executive options - carrying an exercise price of $16.81 - were worth just over $5 million as of December 26, 2001, and could be worth as must as $26.8 million if Apple shares appreciate by 10 per cent annually, according to the SEC filing.
Anderson drew a base salary of $657,039, down from $660,414 in 2000. Rubinstein was paid $469,737. Tevanian made $460,873, and Cook made $452,219.
Jobs held options for just over 20 million shares in Apple as of October 31, a stake of about 5.7 per cent in the company, Apple said in its filing.
Shares in Apple rallied by 47 per cent in 2001, closing up 13 cents to $21.49 on Boxing Day.
<a href="http://www.macworld.co.uk"; target="_blank">Macworld.co.uk</a>
[ 12-28-2001: Message edited by: Alpha Mac ]</p>
For PR.
Jobs is well compensated, but his $1/yr. salary is a sheepshow like Sam Walton driving around in old beat up Chevy pickups (back when he was still living of course).
(In the interest of full disclosure, Sam Walton was actually a very frugal and business-oriented man while Steve Jobs is essentially the polar opposite. Jobs' move is purely PR motivated, but I don't think Walton was lost on the PR value of his non-corporate demeanor.)