05/03/2007, 7:25pm, EDT
Thursday, May 3rd
Apple's Steve Jobs was top paid CEO: $647m
Apple's CEO Steve Jobs was the top paid CEO last year with nearly $647 million in total compensation--nearly double of the next highest paid exec--despite a meager salary of only $1. The publication notes that chief executives of America's 500 biggest companies got a collective 38 percent pay raise last year, to $7.5 billion -- or an average of $15.2 million.
In its historical perspective, Forbes reports that exercised stock options are still the main component of most executives' pay. In 2006, stock gains accounted for 48 percent of $7.5 billion earned by the 200 top CEOs the publication tracked. Other technology CEOs in the top 10 included Yahoo's Terry Semel and Dell's Michael Dell.
Ray R Irani of Occidental Petroleum was No. 2 with $322 million in compensation, while Barry Diller (IAC/InterActiveCorp, $295m), William P Foley II (Fidelity, $180m), Terry S Semel (Yahoo, $174m), Michael S Dell (Dell, $153m), Angelo R Mozilo (Countrywide Financial, $142m), Michael S Jeffries (Abercrombie & Fitch, $115m), Kenneth D Lewis (Bank of America, $100m), and Henry C Duques (First Data, $98m) were others among the top 10, as ranked by the publication.
Earlier, SEC reports indicated that Apple's chief financial officer earned nearly $71 million in 2006: CFO Peter Oppenheimer earned $56 million from the exercise of options during 2006 and also received a $615,000 salary along with a $450,000 bonus and restricted stock valued at $14 million.
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at least steve is actually making apple money, unlike some of the other grossly over-paid ceos.
Steve was given a bunch of stock options some years ago that were due to be vested this year. Those options were given to Steve back then, but didn't count as "compensation" that year to Forbes. Now, the Apple stock price is some multiple of what it was back then, and Forbes counts it.
Suppose I bought you a 1000 shares of AAPL three years ago for $35,000 but told you couldn't do anything with the shares until today (they you are yours, I can't revoke this promise). Today the stock is worth $100,000. What really happened? Did I give you $100,000 today or did I give you $35,000 three years ago?
In any case this didn't cost Apple $650 million this year.
Here's to making a quality product.
In May already, granted today is the 7th and we've had a weekend, Gates has cashed in on $160million.
In April, Gates cashed in about $600 million of stock.
In two months, $760 million.