Brian GarnerSteve 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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50 Comments
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....
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.
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.
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.
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.