updated 07:25 pm EDT, Thu May 3, 2007
Jobs: top paid CEO in 2006
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.