Morning Coffee Jan 07 2011

Steve Jobs Is the $1 CEO

By jeremy greenfield

Ever since rejoining Apple in 1997, Steve Jobs has been paid a total of $14 for his efforts, which include the introduction to the market of the iPod, iPhone, iPad and countless other mega-hit devices.

In its proxy filing today, Apple again confirmed that Jobs was paid a dollar for his 2010 efforts and was awarded no new stock. It also confirmed that he has not cashed in any of his roughly 5.5 million shares since 1997.

This begs the question of how Jobs manages to buy black turtlenecks and other day-to-day necessities.

For one, the company reimburses him for many expenses, according to its filings, including more than $800,000 in 2008, the year Jobs took a six-month leave of absence when he fell ill.

But that's chump change compared to the estimated $48 million that he gets every year in dividends from his 138 million shares of Disney stock. (Hat tip to the Associated Press via Business Insider.)

Despite the lack of zeros on his pay stub, Jobs isn't starving.

Question is, why the meager comp given all the success? Apple's stock price has never been higher and its market cap makes it one of the largest companies in the world by that measure. Jobs is turning in 'A+' work but getting an 'F' grade on his adult report card.

Today's proxy filing says, that Jobs's "level of stock ownership significantly aligns his interests with shareholders' interests." Oh, and it gave him a jet in 1999 as a bonus. So it's not all bad for the $1 CEO. (WSJ)



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