Jobs 132nd Richest Man With $1 Salary
04.18.07 - 01:21pm
Steve Jobs is the 132nd richest man in America, with a total net worth of $5.7 billion according to Forbes magazine. Yet he still takes only $1 dollar in salary from Apple. Jobs has taken the $1 yearly salary from Apple since he took over the role of CEO in 1997.
Magnanimous? Well, Jobs does still get paid, just a little differently from those of us with a yearly salary. Jobs currently owns 5.4 million restricted shares of Apple stock worth somewhere around $496 million. He was also reimbursed $202,000 for use of the company jet and other business related expenses. Jobs has had use of the jet as a “perk” since 2001, and he still holds 120,000 stock options that were granted to him for his work as CEO.
The whole of Jobs total compensation has not yet been explicitly disclosed since new rules (due to stock backdating scandals) require companies to list in great detail the value of such gifts as option awards.
Apple is currently under investigation of wrongful backdating and has said that it did mishandle options issued between 1997 and 2001. Jobs was cleared of any wrongdoing but shareholders are still pressing for a new way of issuing options for executives.
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