Pre-Order your new iMac now from MacMall (ships Oct 23) & save hundreds in tax: Apple Price Guides updated Oct 21st (exclusive coupons)
 


Monday, July 03, 2006, 09:00 am PT (12:00 pm ET)

Jobs seeks no compensation at Disney

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 Board’s 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.