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.

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