Monday, July 03, 2006, 09:00 am PT (12:00 pm ET)
Jobs seeks no compensation at DisneyApple 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.
On Topic: General
- Review: Razer's Kraken Pro analog gaming headset
- Apple hires noted tech journalist Anand Lal Shimpi
- Samsung asks New Yorkers to compare Apple's iPad Air to Galaxy Tab S in new ad
- Apple's mysterious 2-story structure at site of Sept. 9 event drives frenzy even further
- Apple announces Sept. 9 event for expected 'iPhone 6' & 'iWatch' unveiling: 'Wish we could say more'