Several senior executives at Apple Inc took home 2007 cash bonuses that doubled their salaries but Chief Executive Steve Jobs maintained his annual pay of $1 and took no additional compensation, the company said on Wednesday. "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. The compensation news comes one day after Apple forecast a quarterly profit below analysts' expectations and posted disappointing holiday-season iPod shipments, sending its shares down 11 percent in after-hours trade on Tuesday.
For 2007, salaries for Chief Operating Officer Timothy Cook and Chief Financial Officer Peter Oppenheimer were unchanged from the year before at around $700,000 and $600,000, respectively, but both got bonuses equal to their pay. Apple's compensation committee did not grant new equity awards or increase base salaries for the executives. Jobs, whose annual base salary has been $1 since 1997, currently holds about 5.5 million shares of Apple common stock.
News source: Reuters