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  • Steve Jobs Paid $1 Salary in 2009


    If Steve Jobs is a man who puts his money where his mouth is, his mouth isn't very full these days.

    The Apple CEO has once again accepted his usual $1 annual salary from Apple in 2009. But, as reported by the Associated Press, Apple was able to hold its ground through the massive recession and, consequently, Steve Jobs regained much of the "pre-meltdown" level of value of his personal holdings in the company.

    Jobs does not get a bonus or reimbursement for perks many other CEOs accept, such as personal security, according to a regulatory filing made Wednesday. Apple said it reimbursed Jobs $4,000 for company travel on his $90 million Gulfstream V jet, which he received as a bonus in 1999.
    In 2008, Jobs was reimbursed $871,000. This year, however, Jobs took an extended leave of absence for six months, during which he received a liver transplant. Jobs has continued to work on a part-time basis in Cupertino since June.

    But, in case you're worried about Mr. Jobs, there's no reason to take up a collection for the Apple CEO any time soon. Jobs continues to hold 5.5 million shares of Apple's stock. He is also the largest individual shareholder of Disney, with a whopping 7.4 percent stake, valued at approximately $4.5 billion.

    At an annual meeting scheduled for Feb. 25, Apple shareholders will for the first time have a chance to cast an advisory vote on the company's executive compensation plans.
    If Apple is poised to have the year 2010 could ultimately prove to be, Steve Jobs along with everyone else holding shares of Apple could make out like a bandit. Between reports of a new tablet device being unveiled next month, to the iPhone likely adopting a 5 megapixel camera next summer, Apple's potential for sales growth is arguably unprecedented.

    And if Apple's exclusive deal with AT&T is modified to extend iPhone coverage through Verizon, Apple will likely once again experience record sales.

    Image via Wired
    This article was originally published in forum thread: Steve Jobs Paid $1 Salary in 2009 started by Michael Essany View original post
    Comments 26 Comments
    1. rhekt's Avatar
      rhekt -
      Quote Originally Posted by Kiserai View Post
      Yeah, you missed the point. He takes the $1 to prove he's a paid employee, but makes most of his money off the stock he owns, both in Apple and in Disney.

      Trust me, the dude isn't hurting for money, no matter what his "salary" is. He makes good business decisions, Apple stock goes up, he makes money. And he pays less tax on it than he would an exorbitant salary.

      It's really smart, when you think about it. Some day, when I'm rich and famous and have my own company, I'll run it like this too.
      Quote Originally Posted by politicalslug View Post
      Job's worth is clear as day. He needn't sell a share for any reason. Say he want's to buy a house: he wouldn't sell a share, he'd convert his stock, then transfer that stock to the bank owning the property. Not a cent of tax would be paid by either party, and viola! He has another house. He isn't compensated in anything but shares and those shares increase in perpetuity. He could buy anything he wants without selling a share or paying a cent in tax. Anything else meaningful to share?

      both of you are clearly not reading [In 2008, Jobs was reimbursed $871,000] this means he paid for something and was given that money back. the books at Apple only show steve jobs receiving $1.00 in salary. if your not familier with "salary", pretty much that means you get paid a certain sum amount of money, no matter how many hours you work. lets just say you work a 40 hr work week and you get $10.00 an hr. thats $400. now lets just say you are working salary, and your yearly salary equates to $10.00 an hr. and lets just say you work 90 hrs one week. you would still just make this $400 a week. steves $1.00 annual salary is just a political front. simply showing hes working his fingers down to their nubs and not greedily taking a large salary in return. this would all work well if he hadnt been personally reimbursed $871,000 in 2008. he might only make $1.00 a year but all his expenses are taken care of, written off as company expenses. which also lightens the load for what he is personally taxed each year. smart? YES. scandelous? for sure. LEGAL? of course. i dont hate the player. just hate the game.
    1. passuor's Avatar
      passuor -
      Quote Originally Posted by rhekt View Post
      both of you are clearly not reading [In 2008, Jobs was reimbursed $871,000] this means he paid for something and was given that money back. the books at Apple only show steve jobs receiving $1.00 in salary. if your not familier with "salary", pretty much that means you get paid a certain sum amount of money, no matter how many hours you work. lets just say you work a 40 hr work week and you get $10.00 an hr. thats $400. now lets just say you are working salary, and your yearly salary equates to $10.00 an hr. and lets just say you work 90 hrs one week. you would still just make this $400 a week. steves $1.00 annual salary is just a political front. simply showing hes working his fingers down to their nubs and not greedily taking a large salary in return. this would all work well if he hadnt been personally reimbursed $871,000 in 2008. he might only make $1.00 a year but all his expenses are taken care of, written off as company expenses. which also lightens the load for what he is personally taxed each year. smart? YES. scandelous? for sure. LEGAL? of course. i dont hate the player. just hate the game.
      You are the one not reading! As you can read in the 10-K documents:
      The Company entered into a Reimbursement Agreement with its CEO, Steve Jobs, for the reimbursement of expenses incurred by Mr. Jobs in the operation of his private plane when used for Apple business. The Company recognized a total of approximately $4,000, $871,000 and $776,000 in expenses pursuant to the Reimbursement Agreement during 2009, 2008 and 2007, respectively.
    1. rwin84's Avatar
      rwin84 -
      jeez 1$ in an account that has 1,000,000% interest compunded weekly can really pay
    1. pbateman420's Avatar
      pbateman420 -
      its not even about that.. Though im sure it crossed his mind..

      With the times the way they are, everyone frowns on the huge salaries these CEO's bring in.. Its a gesture that more then a few CEO's have done in the past (returning bonuses etc)

      however.. most CEO's that give bonuses back dont own the company..lol.. so if he didnt pay himself $20 mil, he just saved himself $20 mil...

      Being reimbursed for out-of-pocket expenses is a standard business practice.. major shareholder or not, you dont pay personal money for company business..
    1. rhekt's Avatar
      rhekt -
      Quote Originally Posted by passuor View Post
      you are the one not reading! As you can read in the 10-k documents:
      the company entered into a reimbursement agreement with its ceo, steve jobs................

      lol
    1. passuor's Avatar
      passuor -
      Quote Originally Posted by rhekt View Post
      lol
      Are you joking? You are not funny anyway.