Jobs still rakes it in
Its always great being the head guy in a huge company. No matter what the financial situation of the company and whether it makes profits or incurs losses you always get your nice little pay package. Despite the fact that Apple stocks have dropped drastically CEO Steve Jobs has still got his salary.
2007 however was a great year for Apple as the company’s stock rose by 133% to end at $ 198. It is because of this that in spite of drawing the same $ 1 salary for the last ten years Job is sitting pretty on his stake in the company which has doubled to reach $ 770 million by the end of the last year. Even other huge businessmen like Warren Buffet earn their cash in much the same way and it is also very good PR for the companies.
In August Jobs exercised an option over 1,20,000 shares that were awarded to him in 1997 and even though he didn’t sell the underlying shares he still earned a cool profit of $ 14.6 million. His salary has been greatly boosted by gifts from the company’s board of directors like a jet, millions of stock options. A year ago there was a huge issue about the stock options awarded to Jobs. Backdating of stock options is not illegal as long as it is accounted for, which it wasn’t in this case. Apple however managed to wriggle out of the situation and placed the blame squarely on two subordinates who had left the company. But since the whole issue Apple has been trying to be as transparent to the public as possible.
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