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Sunday, June 06, 2004, 10:00 am PT (01:00 pm ET)

Steve Jobs tops list of California's highest-paid CEOs

Apple CEO Steve Jobs ranked #1 on a list of California's highest-paid chief executives despite earning only $1 in salary per year, according to The Los Angeles Times.

"This year it was stock grants that put Jobs on top in The Times' annual survey of executive compensation at California's 100 largest publicly traded companies."

For the 2003 year, Jobs earned $74.75 million, thanks to 5 million restricted shares of stock granted to him by the company. Jobs also earns $1 a week, or $52 a year, as CEO of Pixar Animation Studios in Emeryville, Calif, but has not received substantial stock options or perks at from the company, according to Pixar's most recent proxy statement.

An Apple spokesman declined to discuss Jobs' compensation with the Times. According to the company's proxy statement his compensation is decided by three directors: former Vice President Al Gore; Millard Drexler, former CEO of Gap Inc. and now head of J. Crew Group; and William Campbell, chairman of Intuit, Inc.

In 2001, Jobs' pay package included a $43.5-million Gulfstream V jet, which continues to cost Apple money to this day.

"The company reimbursed Jobs $403,766 for business use of the jet in 2003, according to its proxy statement. Pixar reimbursed Jobs $89,000 for jet use in 2002, the last year for which information is available."