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Apple To Pay Steve Jobs $1 Salary

Apple Inc., the California based electronics giant, has awarded its CEO, Steve Jobs, his customary salary of US$1 in the year 2009, while hiking the salaries of some of the company’s top executives as many of the board members thought that they are underpaid, according to a Securities and Exchange Commission filing.

Steve Jobs has been praised by the Harvard Business Review as the best performing CEO for delivering a massive 3,182 per cent return to investors since he rejoined the company in 1997.

The company has reported in the filing that the board members have decided to hike the salaries of the Chief Operating Officer Timothy Cook, Chief Financial Officer Peter Oppenheimer, iPhone software engineering Chief Scott Forstall and the company’s chief hardware engineer for Mac computers Bob Mansfield.

Each of the four executives has received a US$100,000 increment in their salaries along with bonuses equal to their salaries.

Meanwhile, the company said in the filing that CEO Steve Jobs, who owns 5.5 million shares of Apple Inc, had received a compensation of US$4000 for business use of the $90 million private jet he had received as a bonus in 1999 as compared to the US$871,000 he received in plane related compensation last year.

Our Comments

The company has also announced a shareholders meeting scheduled for February 25th 2010. This is going to be a pretty interesting meeting we reckon and might happen after Apple releases its most important device for the past couple of years.

Related Links

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Désiré has been musing and writing about technology during a career spanning four decades. He dabbled in website building and web hosting when DHTML and frames were en vogue and started writing about the impact of technology on society just before the start of the Y2K hysteria at the turn of the last millennium. Following an eight-year stint at where he discovered the joys of global tech-fests, Désiré now heads up TechRadar Pro. Previously he was a freelance technology journalist at Incisive Media, Breakthrough Publishing and Vnunet, and Business Magazine. He also launched and hosted the first Tech Radio Show on Radio Plus.