Steve Jobs takes home $1 salary in '10 | business | Hindustan Times
Today in New Delhi, India
Dec 06, 2016-Tuesday
New Delhi
  • Humidity
  • Wind

Steve Jobs takes home $1 salary in '10

business Updated: Jan 09, 2011 15:18 IST

Highlight Story

He runs the world's most-valued technology company but when it comes to pay, Apple's iconic chief Steve Jobs has been taking home a salary of just $1 at least for the past three years.

Jobs, who rejoined Apple in 1997, is the brain behind many best-selling gadgets such as iPhone, iPad and iPods.

Interestingly, his compensation comes as a sharp contrast to many CEOs worldwide, who get huge pay packets -- an issue which was also blamed for the financial meltdown in 2008-09.

"Jobs' total compensation consists of a salary of $1 per year. Jobs has not received an equity award since 2003," Apple said in a regulatory filing.

He received the same salary in 2009 and 2008.

In addition to the base salary of $1 in 2010, Jobs also received $248,000 as part of reimbursement related to the use of his private plane for business purposes. The company in 2001 had entered into an agreement with Jobs for this annual reimbursement.

One of the co-founders of Apple, 56-year-old Jobs also owns about 5.5 million of the company's common stock, "which significantly aligns his interests with the shareholders' interests," the filing said.

Apple is considered as the most-valued company in terms of market capitalisation. The company, listed on the Nasdaq, had a market value of over $308 billion on January 7, 2011.

The figures are for the fiscal year that ended in September 2010. Apple's fiscal year ends on the last Saturday of September.

Meanwhile, the firm's chief operating officer (COO) Timothy Cook -- widely considered as the successor to Jobs -- received a compensation of $59 million. This includes a bonus of $5 million and stock awards worth $52.3 million.

In the last fiscal year, Apple raked in a profit of $14 billion on revenues of $65.2 billion.