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  • Worth $6 Billion, Apple Chief Steve Jobs Keeps $1 Salary


    On Friday, Apple filed its 2011 Proxy Statement with the U.S. Securities and Exchange Commission. Once again the record shows Apple Chief Steve Jobs has retained his traditional annual salary of just one dollar. Of course, when you already have a net worth estimated at $6 billion, such a paltry salary isn't particularly consequential. Still, Jobs is largely alone at Apple when it comes to waving a generous executive salary.

    Apple Chief Operating Officer Tim Cook was compensated handsomely in 2010. With cash bonuses and stock-based payouts, Cook took home better than $59.1 million last year. Cook, who only earned $1.64 million in 2009, enjoyed a 2010 base salary of $800,000. The bulk of his payday came from $52.3 million in stock awards and another $5 million cash bonus to boot. Additionally, three months ago, Apple's Compensation Committee decided to increase Cook's 2011 base salary from $800,000 to $900,000.

    Steve Jobs has maintained his $1 per year salary since returning to Apple in 1997. But despite officially earning only $13 over the past thirteen years, Job continues to posses 5.5 million shares of Apple stock. And according to the content of his company's latest SEC filing, Jobs is yet to sell a single share. As a result, last September Steve Jobs was ranked the 42nd richest American by Forbes magazine.

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    This article was originally published in forum thread: Worth $6 Billion, Apple Chief Steve Jobs Keeps $1 Salary started by Michael Essany View original post
    Comments 64 Comments
    1. mr117's Avatar
      mr117 -
      He's also on corporate boards as well, I believe. He's doing ok, let's not shed tears for him living in a cardboard box behind a 7-11.
    1. blueblaze4444's Avatar
      blueblaze4444 -
      Great guy
    1. steve-z17's Avatar
      steve-z17 -
      I love that he doesn't care about money or how much he's worth, he just wants to make the best quality products his company can for their customers, nothing more. He's a natural born leader and he does a damn good job of it!
    1. sziklassy's Avatar
      sziklassy -
      Quote Originally Posted by Cer0 View Post
      Nobody knows if he has donated before. Some people don't like to show it off every time they donate. So who knows SJ could be donating anonymously or not at all.
      If he is taking a $1 yearly salary, that, to me, doesn't speak of someone that doesn't want to flaunt what he's got. Just my opinion, of course.

      Quote Originally Posted by steve-z17 View Post
      I love that he doesn't care about money or how much he's worth, he just wants to make the best quality products his company can for their customers, nothing more. He's a natural born leader and he does a damn good job of it!
      Doesn;t care about money.... riiiiiiiight.
    1. steve-z17's Avatar
      steve-z17 -
      Quote Originally Posted by sziklassy View Post
      Doesn;t care about money.... riiiiiiiight.
      Sure he's got the nice Mercedes (without plates) and a nice house, but he doesn't go around splurging his money just because he has it like other billionaires. The guy wears a turtty and jeans for pete's sake!
    1. whereswaldo's Avatar
      whereswaldo -
      I guess when you own Disney and Apple you don't need a salary
    1. blueblaze4444's Avatar
      blueblaze4444 -
      Quote Originally Posted by whereswaldo View Post
      I guess when you own Disney and Apple you don't need a salary
      Amen.
    1. StealthBravo's Avatar
      StealthBravo -
      Pretty much
    1. Tedomcmillan's Avatar
      Tedomcmillan -
      WOW, some of you people are so lost. Do you think billionaires hoarding their money is good for the rest of us? do you think Steve Jobs only making a dollar from Apple is a noble thing or is he doing it to avoid taxes? Do you think SJ has a few write offs? when you work for the man food, gas, shelter, transportation is paid for by taxed income. when you're steve jobs it's a write off.
    1. badass1469's Avatar
      badass1469 -
      its pretty obvious, that this guy is no dummy. He is most likely doing this for 2 reasons, 1: tax evasion, and 2: no one will ever "fire" a CEO that requests only a dollar per year, and should be getting payed over a mill a year. it's a pretty smart tactic. I would have guessed that most of you ppl have already seen through this guys bull$hit.
    1. TheJailbreakGenius's Avatar
      TheJailbreakGenius -
      What an idiot... who can deny 900k dollars in this economy? If he actually took his salary, e could buy even more of the company! Steve Jobs is a logistical failtality and has an extremely limited wardrobe.

      He takes all the credit for what genius thinkers invent. The genius thinkers aren't even recognized on the Apple site. Steve jobs can yab all he wants, but he didnt do anything to get Apple back on its feet.

      Look behind the scenes.
    1. mr117's Avatar
      mr117 -
      In "this economy," the truly rich don't need more money. We do, they don't. He doesn't need to buy "more of the company." He controls it already. He clearly brought Apple back from the brink a number of years ago, you can track its resurgence to his return to the company. Does he invent everything? No. Is he an effective manager? Obviously, yes. The dollar salary just makes his employment "legal." Many of the people at the top take a dollar for their services, not just him.

      This whole thread is rather amusing. You folks are arguing over a really rich guy having not enough/too much money, and his motives. His life and lifestyle are beyond the ken of us mere mortals. After the first billion dollars, I'm sure your priorities change a bit.

      Even Bill Gates is giving his money away (well, not ALL of it). After a certain point, how much more money do you need? Unless you are pathological, of course.

      As to how he dresses, what do you folks care? Should he wear bespoke suits and handmade shoes? A bowler hat and a cane? Dress like Jar Jar Binks or Cheryl Crow or the King of England? He wears what he wants, because it probably makes him feel comfortable and, for him, there's no dress code. At the worst, he might dress this way to appear more "just folks."

      You are all missing the point. He has succeeded beyond his wildest dreams. He has attained everything he ever wanted (except, maybe, nailing that cute blond he liked in 8th grade). What does he have to prove? He does what he does because he likes doing it. He likes controlling it. It's fun, because, when you have 1+ billion dollars, going to the mall and buying something kind of loses its thrill. He can buy whatever he wants. So his job gives him pleasure. It's NOT about the money.
    1. anekin007's Avatar
      anekin007 -
      Since his salary is only $1. Does that mean he is not paying taxes? I'm sure he has income flowing in but is he reporting them?
    1. mr117's Avatar
      mr117 -
      What, is he SuperSteve, impervious to the evil rays of the TaxMan? Of course he pays taxes on his income, although the obscenely rich always manage to hire lobbyists to bribe politicians into making the tax code favor the obscenely rich. So, he probably has offsetting expenses that balance off income, but I'm sure he is filing a return.

      If you want to look at it that way, type into Google "American corporations that pay no taxes" and see how corporations use tax laws to avoid paying any tax at all (and even get hundreds of millions refunded to them). Exxon paid no federal taxes in 2009.

      (AP) Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, according to a new report from Congress.

      The study by the Government Accountability Office, expected to be released Tuesday, said about 68 percent of foreign companies doing business in the U.S. avoided corporate taxes over the same period.

      Collectively, the companies reported trillions of dollars in sales, according to GAO's estimate.

      And you are worried about po' li'l Steve?
    1. RICO_'s Avatar
      RICO_ -
      Wow. If you people think that taking a $1 yearly salary is anything more than a publicity stunt, or if u think he doesn't participate in a bonus program, or if you think he doesn't care about money.....you really need to wake up. lol.

      He's just a genuine good ol' guy right? Except when it comes to owning up to his product failures. Then he just blames it all on the consumers. Yeah he's a shining leader by example of customer service!
    1. Obi1unome's Avatar
      Obi1unome -
      The only thing I hate about apple and SJ is he keeps making stuff that I've gotta have!!
      Damn you apple, your gona bankrupt me!!
    1. mr117's Avatar
      mr117 -
      Corporate leaders taking a single dollar is not a publicity stunt. No one really hears about it, so where's the publicity? They do it to be on corporate boards or for other reasons. I'm sure Steve has plenty of stock, and if the price of the stock goes up, he makes money. At his level, making money is secondary. I doubt he's doing anything for money anymore. YOU do things for money, and it colors everything YOU do, because you don't have enough money. YOU are not him. What's he need the money for? He's out to leave his mark on society, not get richer.

      No, he's NOT a good old guy. I previously said I think he's a "male member." Everything I've read about his behavior leads me to believe that is the case. But I do believe he's not in it for the money anymore.

      And, again, what massive failures? My older son and I both have i4s and neither us has had any issues with them. We both had 3Gs's with no probs. We both had 3G's with no probs. He had a 2 with no probs (I still had my RAZR at that point). I've got, right now, an iPadWiFi, an iMac 24", my wife has a 15" Pro, we still have a 3rd Rev iSight iMac that my younger son uses, we had a Graphite iMac and a Green iMac before that, plus an iBook 10gb I bought in 2000 that I sold a year and a bit ago for $200 (it still worked fine). The Graphite iMac lost a HD, which I replaced for $100. The iMac 24" just lost a HD, which my AppleCare covered. The iSight had the display issue, and Apple replaced the display for free. Ten years of Mac use at a repair cost of $100. What massive failure rate? I bought a Honda Civic the first year it came out (the first year of the new style) and it got recalled three times. Things that are built sometimes have issues. But Apple, from my experience, is a good company that makes a good product. If it didn't, there wouldn't be so many iPhones out there, so many iPads, so many computers.

      What massive failures?
    1. CZroe's Avatar
      CZroe -
      If he hadn't cashed in a single share and his salary has been only $13 for 13 years, he's been living on a whole other nest egg (Pixar?). I wonder how much that one has in it.
    1. RICO_'s Avatar
      RICO_ -
      Quote Originally Posted by mr117 View Post
      Corporate leaders taking a single dollar is not a publicity stunt. No one really hears about it, so where's the publicity? They do it to be on corporate boards or for other reasons. I'm sure Steve has plenty of stock, and if the price of the stock goes up, he makes money. At his level, making money is secondary. I doubt he's doing anything for money anymore. YOU do things for money, and it colors everything YOU do, because you don't have enough money. YOU are not him. What's he need the money for? He's out to leave his mark on society, not get richer.

      No, he's NOT a good old guy. I previously said I think he's a "male member." Everything I've read about his behavior leads me to believe that is the case. But I do believe he's not in it for the money anymore.

      And, again, what massive failures? My older son and I both have i4s and neither us has had any issues with them. We both had 3Gs's with no probs. We both had 3G's with no probs. He had a 2 with no probs (I still had my RAZR at that point). I've got, right now, an iPadWiFi, an iMac 24", my wife has a 15" Pro, we still have a 3rd Rev iSight iMac that my younger son uses, we had a Graphite iMac and a Green iMac before that, plus an iBook 10gb I bought in 2000 that I sold a year and a bit ago for $200 (it still worked fine). The Graphite iMac lost a HD, which I replaced for $100. The iMac 24" just lost a HD, which my AppleCare covered. The iSight had the display issue, and Apple replaced the display for free. Ten years of Mac use at a repair cost of $100. What massive failure rate? I bought a Honda Civic the first year it came out (the first year of the new style) and it got recalled three times. Things that are built sometimes have issues. But Apple, from my experience, is a good company that makes a good product. If it didn't, there wouldn't be so many iPhones out there, so many iPads, so many computers.

      What massive failures?
      I hope you're right. I really do. Because from my point of view....as well as many other people. This most recent iPhone has had more problems than the previous 3G model I had. And it's not just the signal attenuation issue either. And the fact that he denied the problem was there for so long before finally admitting to it under increasing pressure gives me a very negative feeling about him and his company.

      So once again I really do hope you are right. Because all of these consumer reporting companies and websites have Apple squarely centered on their radar. Any noticeable problems with their product and they will be all over it in a second. Comes with the territory of being such a popular company I guess.
    1. mr117's Avatar
      mr117 -
      Apple is selling perhaps 3 million i4s a month. The return rate seems to be one-third of that for the 3GS. Whenever I go into an Apple Store, they are flying out the door. People are buying them constantly. And when I've been in an Apple Store, anywhere near the front, I don't see them being returned or hear anyone complaining about them. Granted, just what I see and hear. People here say they have issues. Stealth says he's returned three for the proximity issue. I've bought two with no issues. Just bad luck on his part and good luck on mine? I don't know. But saying they are a massive fail and looking at the actual numbers tells me they are not a massive fail. Some people had major issues with the 3GS (I didn't), too. But this is a wildly popular item, whatever anyone says. If it was a massive fail, it wouldn't still be selling. In fact, for all the bad press, it's selling remarkably well.

      In today's iPhone 4 press conference out in Cupertino, Apple has revealed that they've pushed 3 million phones so far since launch a little under a month ago. For the record, that's about twice the number Apple sold in the first weekend -- 1.7 million -- so the pace has clearly slowed down a bit, though that would appear to be due almost exclusively to supply constraints.

      As for how many of those sold phones are staying out in the field, Jobs has revealed return rates, too: 1.7 percent, which works out to about 51,000 phones, compared to 6 percent for the 3GS. Seems like most of these returners would've been better off eBaying for a profit, eh?