Apple's Steve Jobs Gets $1 Salary Again in 2001
LOS ANGELES – Apple Computer Inc. Chief Executive Officer Steve Jobs took a salary of $1 in the past fiscal year while other top executives were rewarded with options for one million shares each, a major increase in compensation, according to a filing with securities regulators.
Apple, which saw sales fall 33 percent in the fiscal year ending in September, paid founder and CEO Jobs $1 again in 2001, the same salary he has drawn since 1999, the company said in its annual report filed with the Securities and Exchange Commission.
Chief Financial Officer Fred Anderson and three other senior executives were granted one million share options, after having not been granted any such payment in 2000.
The ten-year executive options, which carry an exercise price of $16.81, were worth just over $5 million as of Wednesday and could be worth as must as $26.8 million if Apple shares appreciate by 10 percent annually, according to the filing with the SEC Friday.
Anderson drew a base salary of $657,039, down from $660,414 in 2000. The second highest-paid executive was Jonathan Rubinstein, Apple's senior hardware engineer, who made $469,737.
Avadis Tevanian, Apple's senior software engineer, made $460,873 while Timothy Cook, the company's head of sales, made $452,219.
Apple bought a $90-million jet for Jobs in December 1999 as a special bonus. The company had previously reported that payment in 2000, but shifted the recorded payment to 2001 since the plane was transferred to Jobs in the past year, the company said.
Jobs held options for just over 20 million shares in Apple as of Oct. 31, a stake of about 5.7 percent in the company, Apple said in its filing.
Shares in Apple fell about 40 percent in the fiscal year to end-September. Sales of its flagship Macintosh computers were down 32 percent and Apple spent the first three quarters of the year running down sales inventories that had been bloated in part by a disappointing sales for the G4 Cube.
But the introduction of a new high-powered laptop, the Titanium PowerBook, was a hit for the company, and Apple rolled out an ambitious new operating system, OS X, in the past year as part of its recovery effort.
Shares in Cupertino, California-based Apple have rallied by near 47 percent in the calendar year. Apple shares were trading at $21.88 in late afternoon trade on Nasdaq, up 52 cents, or 2.4 percent, on the day.