updated 08:15 pm EST, Mon March 13, 2006
Apple pays Jobs $1
Apple's Steve Jobs was again paid $1 as salary for his efforts as the company's CEO, continuing a tradition that dates back several years. However, Jobs' net worth continues to grow, following a 10 million share award given to him by Apple in March 2003. According to a News.com report that draws from a new SEC filing on Monday, Jobs will own about 1.2 percent of Apple's outstanding shares when his shares fully vest later this month. The report notes that Chief Operating Officer Tim Cook was paid the same as the previous year -- just over $600,000 -- but also received a near 100 percent bonus (although he did not receive a bonus in 2004, Cook was given a $7.65 million in restricted stock that year). The report notes that the Board of Directors has urged the company to offer more cash bonuses, as it has found that its executives are underpaid, despite the large restricted stock grants in 2004.
Both retail VP Ron Johnson and iPod unit chief Jon Rubinstein, who is set to retire this month, received just over $550,000 in salary as well as a $550,000 bonus, compared with 2004 for which they received about $485,000 in salary and nearly $6.4 million worth of restricted stock. Johnson also received a $1.5 million in bonus in 2004, according to the report.