For years, Apple (NASDAQ: AAPL) CEO Steve Jobs has slaved away at the company he founded for a measly $1 per year, plus a few shares of stock here and there. Not that I feel too badly for the guy ... when Forbes released its latest list of billionaires, Jobs ranked 132, with a net worth of $5.7 billion. He reportedly holds 5.5 million shares of AAPL stock, which currently hold a theoretical value of $907,000,000. And in 2000, Apple's board supplemented Jobs' $1 salary with a Gulfstream jet worth about $46 million. Still ... a self-made man who could step out on his brainchild and draw a mammoth salary anywhere on Wall Street has stayed true to Apple and been instrumental in turning the company around. And continued to pay himself a negligible salary each year.
With the stock at an all-time high, iPhone and iPod sales continuing to trump estimates, and the Leopard operating system earning good marks, the company feels it may be time for a salary bump for Jobs. One section in Apple's annual report, filed yesterday, reads: "Because Mr. Jobs's continued leadership is critical to Apple, the Compensation Committee is considering additional compensation arrangements for him."
I doubt Jobs has any plans to go anywhere, but at least he's not being taken for granted.
Beth Gaston Moon is an analyst at Schaeffer's Investment Research.
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Reader Comments (Page 1 of 1)
11-16-2007 @ 10:25PM
Neil Anderson said...
I think he deserves a raise. I vote to double his salary!