IT Employment

Senior Apple execs get a pay raise, Steve takes home his annual dollar

When Steve Jobs returned to Apple in 1997, his negotiated pay was one dollar a year. I hope he also got benefits that don’t require an employee contribution. I can only assume that he doesn’t mind paying to go to work. But it is true. In fact, I will make more money writing this post than Steve Jobs has made in the 10 years since he returned to the CEO role at Apple.

When Steve Jobs returned to Apple in 1997, his negotiated pay was one dollar a year. I hope he also got benefits that don’t require an employee contribution. I can only assume that he doesn’t mind paying to go to work. But it is true. In fact, I will make more money writing this post than Steve Jobs has made in the 10 years since he returned to the CEO role at Apple.

From Reuters:

"In fiscal year 2007, Mr. Jobs's entire compensation consisted of his $1 annual salary," Apple said in a filing with the U.S. Securities and Exchange Commission. "Because Mr. Jobs's continued leadership is critical to the company, the Compensation Committee is considering additional compensation arrangements for him," the maker of the iPod said.

While Apple’s shares lost 11 percent on Tuesday during after hours trading, no one can deny that without Steve Jobs, Apple might not have survived this far. Yet, he remains the lowest paid CEO, according to the Guinness Book of World Records.

On the other hand, Steve is rated by Forbes as #132 of the world’s billionaires, and he describes his fortune as “self-made.”

It’s hard to tell how the Compensation Committee will choose to make those additional compensation arrangements. Steve currently holds 5.5 million shares of Apple's common stock-- none of which he’s sold in the ten years that he’s been back. He’s also considered to be the largest Disney shareholder, probably compensation from the sale of Pixar to Disney in May, 2006. Maybe they will just buy him a new Gulfstream and call it good.

Can you imagine working for a dollar a year?

6 comments
Absolutely
Absolutely

"Steve currently holds 5.5 million shares of Apple's common stock - none of which he's sold in the ten years that he's been back. He's also considered to be the largest Disney shareholder, probably compensation from the sale of Pixar to Disney in May, 2006. Maybe they will just buy him a new Gulfstream and call it good." With that kind of money, CEO pay is chump change.

mrogers
mrogers

Yeah, I'm sure their reinstatment negotiations went something like this: Apple: "Okay Steve, quit being a butt and we might let you be our boss again." Jobs: "Dude, just give me a buck a year *wink* and I'll make the stocks go through the roof." Apple: "Sounds interesting." Jobs: "Oh, while we're at it, make some shareholders sell so I can buy more stocks first, then it will be worth it."

Tig2
Tig2

I realize that Steve has already made all the money he wants or needs and being in the CEO seat at Apple is a labor of love. But can you imagine taking home a single dollar a year? Do you think he even bothers to cash the check?

Brazen1
Brazen1

I like to think that instead of a check, Jobs dances on the table and one of the Board of Directors sticks the dollar in his g-string.

brian.mills
brian.mills

If I was in a situation where I was financially secure without taking home a paycheck, and I had a job I enjoyed, I'd take little to no compensation for doing it. The money only matters if you don't already have enough. Of course for most people there's no such thing as enough... I bet he has the checks framed in his office or something like that. And is that a dollar before or after taxes? Or does the government even charge taxes on a paycheck that small?

Jaqui
Jaqui

always ask Jim Patterson, he did exactly the same pay for being the General Manager for Expo 86. one of the best, long term, business decisions he ever made. He spent 9 months hobnobbing with world leaders and the media stars. His business activities since have done very well. [ f.y.i, Patterson's annual salary running the Patterson group is $65,000.00 CDN He doesn't bleed his companies financially.]

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