Consumer Electronics

Steve Jobs: $1 Salary, $620 Million Stock Gain in 2010 (AAPL)

Apple Inc. (NASDAQ: AAPL) has filed its proxy materials ahead of its annual meeting slated for February 23. There is a whole slew of data noted in the two SEC filings, but there is a reminder about money and output here: Steve Jobs has an annual salary of $1.00.  Not $1 million, not $1 billion… $1.00.

Apple’s note on Steve Jobs’ salary: “The Company believes Mr. Jobs’s level of stock ownership significantly aligns his interests with shareholders’ interests; his total compensation consists of a salary of $1 per year.”   Jobs was reimbursed about $248,000.00 for the use of his personal jet for business travel.

As far as how this compares to Apple’s performance, Jobs is underpaid.  In 2010, Apple’s revenue grew 52% to $65.2 billion while Apple’s net income grew 70% to about $14 billion.  Its cash and cash equivalents in marketable securities rose by $17 billion to about $51 billion at the end of 2010.  Apple’s share price rose yet another 53% to $322.56 during calendar 2010.

The filing showed that Steve Jobs holds some 5,546,451 shares in a trust.  The shares in the same proxy materials from the year before were listed as 5,546,451, meaning his share count has not even gained.  The end of 2009 share price of $210.73 gave Steve Jobs a value a year ago of $1,168,803,619.23.  The 2010 end of year price of $322.56 gave Steve Jobs an end of 2010 balance of $1,789,063,234.56.  He saw the value of his stock grow by $620,259,615.33.

No capital gains need to be paid there because none of the shares were sold.

Full Proxy Material is here.

JON C. OGG

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