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
Take a look at major holders under ownership
JOBS STEVEN P 5,546,451 13-Aug-07
$136 a share
5,546,451 * 136 = $754,317,336
$1 dollar salary whoopty freakin doo
His is tied to the stock (company) value. When Apple does well, so does Jobs, the CEO. If Apple drops, well, the CEO gets hit directly in the pocketbook.
And this is a bad thing?
His is tied to the stock (company) value. When Apple does well, so does Jobs, the CEO. If Apple drops, well, the CEO gets hit directly in the pocketbook.
And this is a bad thing?
It just seems alot of CEOs do this as a PR stunt. Lets say it makes apples stock go up 1 dollar, Steve stock value goes up 5.5 million dollars.
Not that it is a bad thing just alot of people don't see the reason why CEOs accept a 1 dollar salary
how exactly does owning shares equal salary??? he buys stocks on his own (granted, he sometimes uses insider buy-options) but he doesn't get paid for them, at least not as an apple employee.
Its not the perfect analogy but that is like you trying to include the price of your stuff (car, house, Tv, bike and so on) as if it where your salary. It is part of your personal net worth but it has nothing to do with how much you earn.
Stop trying to bash the guy... he might be a jackass but he does what he does out of passion.
Don't kid yourself. Every business exists for one primary reason and one reason only: to generate profits. As a CEO and (unfortunately) member of Disney's board this is Jobs' primary concern over all else for exactly the reason stated: the better the businesses do the more green in Steve's pocket.
how exactly does owning shares equal salary??? he buys stocks on his own (granted, he sometimes uses insider buy-options) but he doesn't get paid for them, at least not as an apple employee.
Its not the perfect analogy but that is like you trying to include the price of your stuff (car, house, Tv, bike and so on) as if it where your salary. It is part of your personal net worth but it has nothing to do with how much you earn.
Stop trying to bash the guy... he might be a jackass but he does what he does out of passion.
ever heard of dividends, do yo own stock at all, plus he probably gets a whole bunch of stock options to go with his salary...
But he will still get a W-2 for $1 from Apple. On that form they will have to deduct income tax and FICA from the $1.
But he will still get a W-2 for $1 from Apple. On that form they will have to deduct income tax and FICA from the $1.
He will also get a 1099 for the stock options that would make most of us soil ourselves...
He gets paid entirely in stock options, which, though performance based in a sense, are a pretty reliable form of compensation. Apple isn't some puny little company with uncertain stock performance, its stocks consistently rise year over year. And, to be clear, stock options are not stock, they're cash. His 5.5 million shares are an entirely different matter.
Stock options work like this. They give him the option on January 1st for, say 1,000,000 shares, when share prices are 20.00 (because they don't actually give him the shares, they can tie the option to whatever number they want.) The option can be realized on, say, Dec. 31st. The CASH they give him will be equal to the increase in share price x 1,000,000. If the shares increase to $40.00, he gets paid $20,000,000.
Now here's the tax part. Income tax on salary is taxed at 35%. Stock options, even though they're cash payments for job performance (hmmm... sounds a lot like income), are taxed at the capital gain rate (as if they were REAL stock, which they're not). The capital gain rate is 15%.
So for whatever reason, Steve Jobs screws the American people out of the taxes that he owes, and gets a pat on the back. I don't understand rich people; middle class folks can pay taxes and get by, even if its tough. But as soon as you're rich, you feel the need to weasel out of your responsibility.
But that dollar salary does lead me to wonder if he looks forward to his tax returns.
The wealthiest in this country will always find ways to pay a lower percentage of their income to taxes, but the actual amount they pay is normally much larger than the average tax payer's contribution.
A straight flat tax with no deductions or credits would be nice, but we will never see it.
The wealthiest in this country will always find ways to pay a lower percentage of their income to taxes, but the actual amount they pay is normally much larger than the average tax payer's contribution.
A straight flat tax with no deductions or credits would be nice, but we will never see it.
$1.5M in taxes is hardly anything to someone with such a high net worth, which is why it may sound like a huge amount to pay to the government, but really it is comparably small.
And not to make this a political conversation, but the reason why I think a variable tax rate (where the top percentages are taxed higher perecentage of their income than the lower classes) is best is the simple philosophy that the individuals who gain the most from society should give back the highest percentage, and that does not seem unreasonable.
The wealthiest in this country will always find ways to pay a lower percentage of their income to taxes, but the actual amount they pay is normally much larger than the average tax payer's contribution.
A straight flat tax with no deductions or credits would be nice, but we will never see it.
why shoudl poor people that can't afford it pay a larger proportion of their income??? rich peolpe can afford it... i get what your saying but it is unfair to the less fortunate people.
That explains why every time we see Jobs on stage he is wearing the exact same pair of jeans and black turtle neck we see every year! LOL
still, good on him
He's a crook.
Thank you! At least someone hasn't blown a synapse.
Steve Wozniak Spills The Beans On Apple
http://www.digital-lifestyles.info/display...ess&id=3821
Woz confirmed that Jobs did rip him off in the early days when Jobs got him to redesign the circuit board for the classic arcade game, Breakout. After Wos had spent 72 hours straight getting the system boards chip count down by around half. Jobs told him he’d give Woz half of what he got, $700, but Jobs had actually received $7,000.
Great Artists Steal - Triumph of the Nerds
http://www.youtube.com/watch?v=jRl0wuyiU1w
Thank you! At least someone hasn't blown a synapse.
he woudlnt necessarily have to sell, if he gets 20c per share dividends per year then he will earn at least a million dollars a year.. you do know what dividends are right???
hmmm, I don't like people going round, saying somes a tool, a thief or a cheat, to say this makes out that you are somehow better and superior and I don't think especially if we get down to morals it is correct due to them disliking the company they work for and not actually knowing them as a person.
I feel so sorry about shareholder, this money did not appears from thin air but from micro and mini shareholder.
Just common persons paid taxes, the rest avoid it, cheating, putting their money in a foreign account or simply creating a foundation (like Bill Gates).
I think you have misunderstood him, ofcourse the money is not accessible by Bill Gates, but thats got nothing to do it.
I feel so sorry about shareholder, this money did not appears from thin air but from micro and mini shareholder.
Ha, as far as we know anyway!!! Maybe he doesn't feel it necessary to make it known
It brings to mind a certain comedy show, where a person says he prefers to give to charity quietly as it is not for publicity and yet, it somehow always gets out, I just can't recall the comedy program at the moment.
Ha, as far as we know anyway!!! Maybe he doesn't feel it necessary to make it known
It brings to mind a certain comedy show, where a person says he prefers to give to charity quietly as it is not for publicity and yet, it somehow always gets out, I just can't recall the comedy program at the moment.
i really woudl like to believe that, althoguh with all the bashing he gets for 'alegedly' not donating anything, you would think he woudl at least defend himself.. adn i thougth charitys had to state their earnings like anyone else (i may be wrong) and where that money comes from.
Ha, as far as we know anyway!!! Maybe he doesn't feel it necessary to make it known
It brings to mind a certain comedy show, where a person says he prefers to give to charity quietly as it is not for publicity and yet, it somehow always gets out, I just can't recall the comedy program at the moment.
i really woudl like to believe that, althoguh with all the bashing he gets for 'alegedly' not donating anything, you would think he woudl at least defend himself.. adn i thougth charitys had to state their earnings like anyone else (i may be wrong) and where that money comes from.
not in the UK, dunno about America
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