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Apple’s Steve Jobs sticks with $1 salary while COO Cook nets $59.1 million
- — 08 January, 2011 08:58
CEO Steve Jobs took his customary $1 salary in Apple's 2010 fiscal year, which ended Sept. 25, according to documents filed today with the U.S. Securities and Exchange Commission.
During the fiscal year, Jobs received no new stock or option awards. He holds about 5.5 million shares of Apple's stock and has never sold a share since rejoining Apple in 1997. “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,” Apple said in its proxy statement.
Tim Cook, Apple’s COO who filled in during Job’s 2009 medical leave of absence, took home quite a bit more. His total compensation for 2010 amounts to $59.1 million. It includes his $800,016 salary, which is virtually unchanged from 2009; a one-time $5 million cash bonus; and a $900,000 performance-based cash bonus.
The bulk of Cook’s pay package came in the form of stock awards, which were valued at $52.3 million at the time they were granted.
Cook also received $58,306 in perks and other compensation. His perks include company contributions to his 401(k) plan ($14,700), company-paid term life insurance premiums ($3,605), and a payment of $40,001 to cash out accrued and unused vacation. (See also: CEOs still getting big perks despite pay backlash)
“Mr. Cook’s compensation is set at a higher level than the other named executive officers to reflect his additional responsibilities as Chief Operating Officer. In addition, his 2010 compensation included a discretionary bonus and special RSU award in recognition of his outstanding performance during Mr. Jobs’s medical leave of absence in 2009,” the company wrote in its proxy statement.
The company, meanwhile, grew its revenue and profits by a whopping 52% and 70%, respectively, in 2010. Revenue came in at $65.2 billion, up from $42.9 billion in 2009. Net income hit $14 billion, up from $8.2 billion in 2009.
Total pay for Jobs and Cook is calculated using data supplied in a proxy statement filed with the SEC on Jan. 7.
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