Jobs earns US$1 but no new stock options

Apple Computer gave CEO Steve Jobs US$1 in regular salary and an airplane in fiscal year 2001, while other executives each received one million stock options in a down year for the Mac maker.

Apple once again gave its founder and CEO a symbolic salary of US$1 for its fiscal year, which ended in September, according to a report filed Wednesday with the Securities and Exchange Commission. Jobs also earned US$1 in salary in 2000.

The company's revenue slid to US$5.4 billion in fiscal 2001, down 34 percent from the US$8 billion culled in 2000 and less than the US$6.1 billion reported in 1999. Earnings swung from a profit of US$786 million in 2000 to a net loss of US$25 million in 2001. Nearly all product segments and geographic markets declined in 2001.

However, Jobs' low salary isn't a reflection of Apple's tough year. Instead, it reflects a policy of giving the flamboyant founder novel performance awards.

News source: ZDnet

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