Apple considering raise for Jobs?
After years of drawing just a dollar in salary, Apple CEO Steve Jobs could be in store for a raise.
Apple filed its annual report for its 2007 fiscal year Thursday afternoon, and hinted in a section about executive compensation that Jobs could be in for some real money fairly soon. "Because Mr. Jobs's continued leadership is critical to Apple, the Compensation Committee is considering additional compensation arrangements for him," the company wrote.
Apple CEO Steve Jobs can afford plenty of iPod Touches, but he might be up for a raise.
(Credit: Ina Fried/CNET News.com)Now, it's not like Jobs is hurting for money. According to Forbes' most recent list of the world's billionaires, Jobs ranks 132nd with an estimated net worth of $5.7 billion, $4.7 billion of which comes from holdings in Disney.
The annual report notes that he holds 5.5 million shares of Apple stock through a series of restricted stock awards over the years--some more controversial than others--that have vested. But it also points out that he hasn't sold a single share of Apple stock in the 10 years since he rejoined the company.
The closing price of Apple's stock Thursday? $164.30. So if Jobs were to bail out of Apple's stock tomorrow (this isn't going to happen), he'd pocket $903,650,000.
An Apple representative didn't immediately return a call seeking comment on any potential changes to Jobs' compensation package. I can't imagine that more money would really make a difference in keeping Jobs at Apple, given the fact that he has barely collected enough cash over a decade to buy anything in one of Apple's stores. And if the guy was seriously entertaining the idea of taking a new job to get a raise I'm sure there are 500 or so corporations that would be glad to set executive compensation records for the chance to bring Jobs onboard.
But it's also interesting that Jobs doesn't have one of those automatic sales plans in place, which most executives of his stature use to diversify their holdings in the company and bank some billions for a rainy day. This also protects them from allegations of profiteering if they decide to sell some stock just before a material corporate event takes place, since the dates of the sale were determined well in advance.
How are they going to pay him? In 2000, Apple's board awarded Jobs a Gulfstream V worth about $46 million for turning the company around. Any stock option award made to Jobs right now is going to carry a high price, considering where Apple's stock is these days. He's probably got plenty of black turtlenecks and fruit smoothies, but maybe it's time for a new plane, or perhaps, a real salary.
Tom Krazit writes about the ever-expanding world of Internet search, including Google, Yahoo, online advertising, and portals, as well as the evolution of mobile computing. He has written about traditional PC companies, chip manufacturers, and mobile computers, spending the last three years covering Apple. E-mail Tom. 
blah
Had Steve Jobs run Apple like Pepsicola, his stock (and everyone
else's Apple stock) would be nearly worthless. He's the most
valuable CEO on the earth for what he's done; not for Apple, not
for computing or even technology, but for humanity. How do
you pay somebody for overseeing such kinetic bursts of
creativity? The artists of the country, musical, cinematic, visual,
architectural, that's just one group alone that can never repay
him for what he's done for them. I have seen the emptiness of
what we had before the advent of Steve Jobs. With confidence
born of angels, Steve Jobs has been a Godsend to his country
and to civilization generally. How can anyone put a value on
that? Salary?
Had Steve Jobs run Apple like Pepsicola, his stock (and everyone
else's Apple stock) would be nearly worthless. He's the most
valuable CEO on the earth for what he's done; not for Apple, not
for computing or even technology, but for humanity. How do
you pay somebody for overseeing such kinetic bursts of
creativity? The artists of the world, musical, cinematic, visual,
architectural, that's just one group alone that can never repay
him for what he's done for them. I have seen the emptiness of
what we had before the advent of Steve Jobs. With confidence
born of angels, Steve Jobs has been a Godsend to his country
and to civilization generally. How can anyone put a value on
that? Salary?
- More Apple revisonist RDF History
- by Zanny_Blowzsteve November 15, 2007 9:49 PM PST
- "But it also points out that he hasn't sold a single share of Apple stock in the 10 years since he rejoined the company."
- Reply to this comment
-
-
- Umm I don't recall it
- by Thomas, David November 16, 2007 7:50 AM PST
- I really don't. So ... have a link?
-
-
- Found a reference
- by Thomas, David November 16, 2007 7:52 AM PST
- http://www.theregister.co.uk/2006/03/24/jobs_apple_stock/
- View reply
Processing -
(11 Comments)WHAT A CROCK OF...iPods.
Did they forget the $300 million stock sale of March 2006? (Right before AAPL stock tanked for the summer?)
Oh, that's right, it was just to pay taxes... My iAss.