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Jobs Earns More Than A Buck A Year

Posted by pudge on from the nice-work-if-you-can-get-it dept.

The Only Druid writes "Well, though we've all heard about Steve Jobs only being paid $1 per year for being CEO of Apple, it turns out Apple pays him in other ways. He gets $1.2 million for renting the jet to them -- a jet that Apple bought for Jobs."

77 comments

  1. How incredibly lame... by KDan · · Score: 1

    "I don't get paid anything for being their CEO, but they send me $5mil every year cause they like me so much." ...

    Daniel

    --
    Carpe Diem
    1. Re:How incredibly lame... by Anonymous Coward · · Score: 2, Informative

      "...A recent report published by Economic Research Institute and CareerJournal.com tracks executive compensation, and there was an interesting footnote -- the highest paid executive on the survey was Apple CEO Steve Jobs, even though he's not actively collecting a salary in his role. The Executive Compensation Index tracks how corporate executives are being paid, and has been active since 1997. It tracks total cash compensation -- to wit, salary and bonuses -- for the highest-paid executives at 45 major U.S. businesses. It also compares executive compensation to corporate revenues. The report said that Steve Jobs was the highest paid executive for the most recent survey period -- although he collected no salary, he did get a US$43.5 million bonus, according to the data collected..."
      and BusinessWeek ranked Apple's as one of the ten worst Boards of Directors: "...Founder Steve Jobs owns just two shares in the company. Recently departed director Larry Ellison had none and had missed more than 25% of meetings in the past five years. The CEO of Micro Warehouse, which accounted for nearly 2.9% of Apple's net sales in 2001, sits on the compensation committee. Since 2000, the board has awarded Jobs 27.5 million stock options and a $90 million jet. There is an interlocking directorship--with Gap CEO Mickey Drexler and Jobs sitting on each other's boards..."

  2. jet thing by djupedal · · Score: 3, Insightful

    ...is so old news. This kind of thing was in full swing when Howard Hughes was active. Big deal. More power to Steve. Macs are great and it gives me a smile to know that all those wonks that said Apple was dead are oh-so-silent these days.

    1. Re:jet thing by commodoresloat · · Score: 1, Funny

      So I was flying in this private jet that I used to rent and we got in a snowstorm and it was like BEEP BEEP BEEP BEEP and we almost died!! So I was like shit but maybe I can make my company buy me a jet so I don't have to rent this piece of crap. Besides I deserve my own jet because I thought of putting the icons on the RIGHT side of the desktop, which is the one true reason Macs are superior. Plus Apple's only paying me a dollar a year anyway, what the hell; just for yucks I'll see if I can get away with having them buy me the jet and rent it back to them, and make even MORE MONEY. My stockholders would be pissed if they knew, but all they care about is translucent hardware and lickable web browsers. Muwahahahahahaha! It was a really good jet.

    2. Re:jet thing by KDan · · Score: 0, Redundant

      roflmao!!!

      Take that switch ads :-P

      Daniel

      --
      Carpe Diem
    3. Re:jet thing by Anonymous Coward · · Score: 0

      Wow, you're fucking lame.

    4. Re:jet thing by Anonymous Coward · · Score: -1, Flamebait

      Since you really wanted to hear it. Apple is still dying. Sure they managed to make Apple a cool fad, but soon those old iMacs wont even sell at a garage sale. Dell and Gateway can make cool computers too, but it's just a small nitch market. Once Apple saturates it, back into the red they go.

  3. Gonna get'cha by arcadum · · Score: 0

    I wonder if this was sone IRS evation scheme that sounded like a good PR stunt too.

    1. Re:Gonna get'cha by Anonymous Coward · · Score: -1, Flamebait

      EVASION

      you fucking useless shithead

  4. Re:jet thing shut your piehole, numbnuts tsarkon by Anonymous Coward · · Score: -1, Troll

    you fucking apple pigs make me sick. you are a dumb cunt. he is stealing from shareholders, dont you get it cunt? and fucking apple is a crock and a joke. the mot-ppc has been dead for years, fuck they are in TiVOs and toaster ovens and your fucking overpriced mac. i was hoping, praying for OS X to be salvation from MSFT but cunt apple fucked it up. its a piece of shit, with a piece of shit kernel, piece of shit userland a piece of shit UI on fucking lame and overpriced hardware. Apple should be a software company, but idiots like you pay for gay hardware. Fuck. Everything blows the doors off of macs. Niche it is, niche it always will be, and fags like you will continue to pay for Mac shit. Fuck you, fuck off, die PIG I HATE YOU FUCKERS you fucks are all the same cookie cutter FUCKERS hate death die SCHPIZER

  5. hmm by Anonymous Coward · · Score: -1, Offtopic

    hmmm

  6. You forgot by arcadum · · Score: 0
    If your going to be a spelling NAZI be consistent and get all the words.

    SOME

    1. Re:You forgot by Ponty · · Score: 0, Offtopic

      You're. Stones, houses, glass, etc.

    2. Re:You forgot by jo_ham · · Score: 1

      your = belonging to subject - I like your beowulf cluster, your windows computer is rubbish etc

      you're = contraction of you are - You're flaming again, aren't you (note the advanced use of "aren't" , we'll learn about that in the next lesson).

      If you're going to try and be a smart ass on /., then at least get your grammar right.

  7. RTFA by Virus1984 · · Score: 5, Interesting

    $1 a year for being the CEO.
    $1.16mil for two years of jet renting

    and even if you consider the $1.16mil to be a salary: $1.16mil for 2 years == not that much a year, compared to other major company's CEO's salaries.

    --
    Don't forget to think different.
    1. Re:RTFA by BlackBolt · · Score: 1

      You're forgetting that he can later sell that jet for close to the 90 mill Apple paid for it.

      And, since he's already worth over ONE. BILLION. DOLLARS! he's not as worried about cash as most other CEO's.

      Not to mention the expense accounts, limo services, all meals paid, clothing, computers (obviously), and all the other little perks that come with the job, 90% of which we'll never know exist.

    2. Re:RTFA by twiztidlojik · · Score: 3, Insightful

      Well, at least he's only picking up a dollar. Most CEO's would go fr the expense accounts, limo services, etc, rental of the jet, AND an exorbitant salary.

      Be nice. He's saving millions.

      --
      I will now redundantly add my name to the end of my post. You know, in case you forgot me or something.
    3. Re:RTFA by Anonymous Coward · · Score: -1, Troll

      The publicity of getting paid "only" $1 per year has already made it worth it to arrange things this way. Ivana Trump only got paid a dollar a year as well - it's a tax thing. She declared a loss every year AND GOT HUGE MONEY BACK FROM THE GOVERNMENT even though she had every single need paid for and was actually worth billions with Donald. It's just that she personally didn't own anything. Same with Donald, but he couldn't hide it like she could since he needed to retain control of the empire. Steve doesn't have this problem, Apple's public.

      Look at it this way: Bill Gates makes less than my dad on weekly payroll, but his options and perks make Bill the richest man in the world. Steve's just following suit, albeit in a more flamboyant manner. We don't know what kind of deals Steve's quietly made with Apple. So we can't say what his actual financial benefit is from running Apple (without some heavy forensic accounting) but it sure as hell is more than a dollar and a plane.

      Be *less nice* and *less trusting* of CEOs. He's not saving millions, he's hiding millions, and it really costs Apple in the end. You think having Apple buy him a plane and then rent it back to them (a license to print money forever) is SAVING them money? Is that intelligent business? Who do you think's flying on it? STEVE HIMSELF, of course! But if he uses it for "business trips" (ie all of them) he can charge Apple for letting them use his personal property for business. He can make one dollar a year, as long as he can rent his plane to Apple for $$ every year. The bottom line is the government is supporting his lifestyle, and Apple's profits are supporting his lifestyle. That money could have gone to buy back shares (thus boosting their stock price), issue dividends (put some money in shareholders' pockets), lower margins on their goods, or R&D. I hope you don't have Apple shares, this and the one dollar a year thing is textbook Enron.

      Apple makes hella cool stuff, but don't ever make the mistake of thinking they're clean. They're NOT.

    4. Re:RTFA by Anonymous Coward · · Score: -1, Offtopic

      he got insightful for saying nothing
      you will get nothing for your efforst to tell truth
      give up
      slashdot owned by apple
      greets from Israel

    5. Re:RTFA by Anonymous Coward · · Score: 0

      MOD UP!!!

  8. It makes sense to me.... by FaRuvius · · Score: 5, Insightful

    Microsoft is considering paying dividends on its stock.... that would net Mr. Gate$ a cool $100 Million every year.... For doing NOTHING additional.

    Private jets are expensive machines to operate, but they save companies an incredible amount of time. I doubt any of you would say "sure, borrow my jet that costs $15,000/hour to operate and never pay me back, my salary of $1 will cover it".

    There are many advantages for Apple to rent instead of own the plane. Think of the insurance premium on a Lear jet.
    The yearly operating costs of a jet are way over 1.2 million, so its cheaper for apple to rent it. Since its steve's jet, they still get to use it whenever they want.

    If you are unconvinced that it is more effective to rent a jet than own a jet, do a google search on NetJets or Executive Jets.

    So, its probably not "steve jobs" who owns the plane, but a company owned by Steve Jobs. And apple rents the plane from that company for a fair price. And I'm sure that Apple doesn't stiff Pixar everytime we have a cool new animated Mac commercial. Nobody seems to be whining about that....

    --
    Need to get away?
    Adirondack Vacations
    1. Re:It makes sense to me.... by xpccx · · Score: 3, Interesting

      I checked google and it seems the Gulfstream V has a direct operating cost (DOC) of about $1813.88 per hour. I'm not an executive so I don't know how often the plane is in use, but lets say 12 hours a day, 365 days a year, by multiple people.

      If I did the math right, that puts the DOC per year at $7,944,794.40 (round that to $7.95 million). So if the DOC number is I calculated is correct, they're "saving" about $6.75 million a year.

      But Apple paid $99 million for the plane. The whole point of buying instead of renting is that you get to sell your asset later on. If they were merely renting the plane for $1.2 million, that would be rather cheap. But you don't normally rent something that you've already paid for. The rental price is cheaper than the insurance/maintenance but Apple essentially lost $99 million when they gave the plane away. With the cost savings of $6.75 million a year for maintenance/insurance, they will have to rent the plane for almost 15 years to make up for the $99 million they lost when they gave the plane away.

      Think about it, would you buy a house then give it to someone so you can rent it back from them? Even if the rental price is cheaper than the upkeep of the house, you no longer own the house!
    2. Re:It makes sense to me.... by Naikrovek · · Score: 5, Insightful

      i'm sure the jet was a real gift, not some silly mistake because they don't realize that buying a plane then renting it is dumb.

      then, as part of the plan, they rent it from jobs, to compensate him in ways other than salary. the cool part is that the people renting the plane pay for the upkeep. Jobs is making quite a good killing on that plane, and i say he deserves it. he pays taxes on the rental money, and since it is regular income, he's not doing anything shady by doing this.

      and the whole point of buying instead of renting is that it is cheaper in the long run, not so you can sell the thing later. not everything is an investment property.

    3. Re:It makes sense to me.... by xpccx · · Score: 0
      I wasn't trying to imply that Apple had made a dumb mistake. It's an obvious gift for Jobs.

      I just think Apple should just be upfront. Why not pay Jobs the $1.2 million as a salary and handle the plane like a normal company asset? It makes it look like the deal is shady, especially when Jobs' salary gets reported as $1.

    4. Re:It makes sense to me.... by twiztidlojik · · Score: 1

      ...The plane is, in fact, Job's plane. He can do what he wants with it.

      And, as another piss-poor analogy, let's say that the school gives me a laptop. I can do with the laptop as I please. Now, say, they want the laptop back and they're willing to rent it from me. If I let them rent it for, say, $30 per week, then that's money in my pocket, plus I can do what I want with it. If I just give them the laptop and they give me $30 a week in the form of an addition to my paycheck (lifeguard at pool), then it's just not the same. I just lost a laptop, plus $30 a week isn't going to be enough to buy a new laptop until a year after they start paying me.

      Also, by giving Jobs the plane, now Jobs has to insure it, maintain it, and report it on his taxes. Instead of Apple. Pretty slick, eh?

      --
      I will now redundantly add my name to the end of my post. You know, in case you forgot me or something.
    5. Re:It makes sense to me.... by The+Mayor · · Score: 2, Interesting

      One word: Taxes. This way, Jobs can write the $1.2 million off against his operating costs, resulting in zero profits. Jobs probably won't pay any taxes on that $1.2 million. He won't pay even pay FICA on that, either.

      --
      --Be human.
    6. Re:It makes sense to me.... by Loco3KGT · · Score: 2, Insightful

      Bill Gates doesn't want to pay dividends. The shareholders are forcing him to. If you hold it against Gates, which he can't control this, you're just being an anti-MS pro-Mac fanboy.

      --
      Blessed be he who reads this post, Cursed be he who tells my boss.
    7. Re:It makes sense to me.... by Anonymous Coward · · Score: 0

      Makes sense to me too, especially when you realize that Jobs still pays all the operating costs on that aircraft, and the operating / maint / hanger costs on a gulfstream are far from cheap. Considering that he's paying for all the ongoing costs, regardless of whether the jet itself was initially a gift, then he's probably renting it back to Apple for less than he'd get from anyone else and Apple is getting a deal since *it* doesn't have to pay the operational costs all 365 days of the year (hint: those are a lot more than $1.2M).

    8. Re:It makes sense to me.... by Anonymous Coward · · Score: 0

      Lets see, a company I worked for built a headquater building, sold it to a leasing company to lease it back with an agreement to buy back the building, if they decided to break the lease....

      Yes, some companies do.

  9. It makes MORE sense to me by FaRuvius · · Score: 4, Insightful

    eBay just bought a Lear Jet back in July.

    Lets compare Apple to eBay:

    Apple - a world wide company with offices, manufacturers, suppliers, and facilities scattered through out the world.

    eBay - A company built from a script a guy wrote to sell Pez dispensers, ie a building with a bunch of servers and programmers.

    What advantage does a Lear jet offer to eBay? How often is Meg Whitman traveling to 3 different foreign countries in the same day?

    I'm sorry I just can't picture a jet being useful to eBay (so its just a toy), whereas I can picture Apple sending a team of people to check up on operations at several different facilities scattered around the globe.

    Basically I'm just jealous, cause I want a jet too dammit!

    --
    Need to get away?
    Adirondack Vacations
    1. Re:It makes MORE sense to me by Anonymous Coward · · Score: 0

      a lear jet is much different than a gulfstream 5 though. a G5 is just over the top.

    2. Re:It makes MORE sense to me by Rand+Race · · Score: 1
      I work for an ad agency with about 100 employees at three locations. We have - well, our boss has - a Learjet. Using it for traveling between our offices and our client's offices (all in the US BTW) is apparently worth it. The thing costs a couple of grand per hour to use. We can easily lose millions in that amount of time (we do monstrous amounts of printing for several Fortune 500 companies).

      Let me tell you, that last time the server went tits up in Chicago and they flew my ass up there to fix it in the Lear has ruined commercial flying for me forever. An hour and ten minutes - street to street - from Atlanta to Chicago by yourself in the plush environs of a Learjet is the ONLY way to fly. Granted we usually only get to use it if the boss is heading to the same place, but in emergencies it can be a huge money saver.

      --
      Insanity is the last line of defence for the master diplomat. But you have to lay the groundwork early.
  10. Well, what goes around... by blakespot · · Score: 4, Insightful
    Well, he deserves an exhorbitant salary. That's what Apple gets for effectively pushing him out in the early-mid 80's. It took the company that he created after leaving Apple, NeXT, to return and take over Apple in '97 to save their ass. Had this not happened, Apple would not be here today.


    blakespot

    --
    -- Heisenberg may have slept here.
    iPod Hacks.com
    1. Re:Well, what goes around... by Suppafly · · Score: -1, Troll

      Actually, Apple probably wouldn't be here today if Microsoft didn't keep giving them money to prop them up enough to claim they have some viable competition.

    2. Re:Well, what goes around... by blakespot · · Score: 1
      MS cut them a large check long ago (97 or so), but has not given them $$ for years. Apple has been doing rather well and has enough cash to run for 5-6 years without further profits. MS's help to Apple is in the form of the existence of Office X and IE for the Mac. But that's it.


      blakespot

      --
      -- Heisenberg may have slept here.
      iPod Hacks.com
    3. Re:Well, what goes around... by nullard · · Score: 1

      Actually MS bought a lot of (nonvoting) APPL stock. Which they sold shortly afterwards for a massive profit.

      --


      t'nera semordnilap
    4. Re:Well, what goes around... by bsartist · · Score: 1

      Two things: First, the money was a relatively small amount that was paid to settle a lawsuit, not to prop Apple up. And second, MS didn't "keep giving them money" - it was a one-time purchase of APPL stock.

      --
      Lost: Sig, white with black letters. No collar. Reward if found!
    5. Re:Well, what goes around... by evilviper · · Score: 1

      And how much would you like to bet that, the next time Apple stock is down, they'll kick him out once again...

      Stock holders are like that... I have infinitely more faith in privately owned companies, because stockholders would sell their own mother if you could convince them they would get a dime back, eventually.

      --
      Slashdot gets worse every day... Pipedot: News for nerds, without the corporate slant
  11. Thanks ENRON! by Spackler · · Score: -1, Flamebait

    Ok, this is a first. Thanks Enron. By your scamming of the public, you have caused new laws that hold executives accountable for this under the table crap. 5 years ago, this stuff went on, but would never be in a public disclosure. Now, little Steve could actually go to jail if this was not reported. I just think it's great than Enron actually ended up doing some good.

  12. you don't say... by Anonymous Coward · · Score: 1, Funny

    hmm. major corporations engage in questionable practices. in other news: bears do indeed shit in the woods. tomorrow, post something everyone doesn't know.

    goddammit.

    1. Re:you don't say... by tbone1 · · Score: 1
      In other news, government bureaucrats are found to be less productive than their business counterparts, and a new study indicates that politicians are unethical.

      Oh, and this just in, the New York Times (unofficial slogan: yadda yadda yadda) is reporting that life is inherently unfair. Film at 11.

      (Actually, I kinda doubt the NYT would report that, though The Washington Times might.)

      --

      The Independent: Reverend Spooner Arrested in Friar Tuck Incident - ISIHAC, Historical Headlines
  13. Not to be crass... by MacAndrew · · Score: 2, Interesting

    ...but have you never sold or returned a present, to get what you really wanted?

    So long as Apple would have otherwise rented a jet and Jobs pays taxes, fine. The airplane was originally reported as compensation (right?). If I were to question anything, it would be giving him the plane in the first place, although execs can negotiate pretty freely (the new post-Enron law did ban the multimillion dollar "loan" trick). Jets are often enough used for abuses on the company's tab -- golf "business" trips and the like -- as a way to provide disguised compensation and evade taxation.

    Executive compensation gets pretty unbelievable. On the other hand, and unlike typical executives, without Jobs this mutlibillion dollar company would be dead, close to dead, or bought out. (Remember when Michael Dell said if he owned Apple he'd liquidate it to try to give shareholder something back?) Hmm, maybe not a bad quid pro quo.

    Fortune Magazine does a nice business in tallying obscenity, check out year 2000.

  14. Um by Anonymous Coward · · Score: 3, Insightful

    I don't know what you're all bitching about. Jobs and Woz started a fucking company before many of you were born, and it turned into a profitable enterprise. So what if Jobs has a fucking jet. Him and Woz built the fucking company. They made a bunch of money on it. Woz made his cash, and moved on to teaching and now Wheels of Zeus. Jobs got outted, and moved on to other things. He too, is now back. I guess you ppl just have nothing better to do at 7 fscking am, other than rant and bitch and cry that someone has a jet, and you DON'T. 'Jobs Earns More Than a A Buck A Year' what fucking moron figured that puzzle out? Of course he earns more than a buck a year. He gets PAID one dollar by Apple to be the CEO. Thats far different from what he earns from stock and other assets or companies. I can see you people hating people because of their actions, but this is just a bunch of little boys waking up to watch saturday morning cartoons, and deciding that if x person has more money in the bank than them, they must be evil, or they did something evil to get that money. Some people put out a fuckign effort, and become successful. Maybe if you spent less time trashing people on slashdot, you would get something worthwhile done.

    1. Re:Um by digitalcowboy · · Score: 1

      Steve? Is that you?

      (Just kidding. I agree with everything said in the parent post except the peppering of obscenities for no apparent reason.)

    2. Re:Um by Anonymous Coward · · Score: 0

      Well said Steve, I agree.

    3. Re:Um by Anonymous Coward · · Score: 1, Funny

      A "fucking company?" The company I know about makes computers and software.

    4. Re:Um by ChuyMatt · · Score: 1

      It actually sounds like a flurishing busnes in Amsterdam, i hear. Well, all over the NL, actually.

      speaking of, Apple Centre Maastricht, NL is open! w00t!

  15. Oh what? by Anonymous Coward · · Score: -1, Flamebait

    Ah, its the freedom zealots. FREE SPEECH, FAIR USE, STEAL MUSIC BECAUSE FUCK THE RIAA. What? Jobs spent his money on WHAT?!@ BURN HIM, BURN HIM NOW THAT EVIL EVIL MAN, Who cares if he started the fucking company out of his garage, and I'm 35 years old and have made absolutely nothing of my self and I work at Frys Electronics and I live at my parents house and i sit here and jerk off while i post l4m3 coments on slashdot because i'm to fucking ugly to go out side and do something productive. Lets all just say fuck you steve, because you have a jet and I want one, and I can't have it. Thats capitalism. If you want it another way, you can move to China, or Cuba. So get over it. Stop whining. I fail to grasp why any of you would fucking care that steve's got a jet, other than the fact that the riaa or microsoft have not done anything to irritate you that you can post about. I EARN MORE THAN A BUCK A YEAR, LETS WRITE A FUCKING ARTICLE ABOUT IT. I'm going to submit that story, since everyone seems so god damned interested. IMO, its none of your fucking business how much he makes, or what asset he's been given, and you really shouldn't fucking care. Its not going to change your lives any, you'll still be the 35 year old man living in your parents basement who jerks off to goatse and never goes outside. THATS YOU. LIVE WITH IT.

  16. Who cares? by +Majere+ · · Score: 4, Insightful

    1.6 million? Steve Jobs is doing an incredable job with a company that probably wouldn't be around today if it wasn't for his renewed CEOship. 1.6 million isn't a whole lot in terms of CEO salery, anyone know how much he makes at Pixar?
    - John

    1. Re:Who cares? by Anonymous Coward · · Score: 0

      He owns Pixar. he makes whatever he wants. and at that point its not about he annual earnings, but of value of the company if he should ever decide to sell it, which i doubt he would.

    2. Re:Who cares? by Anonymous Coward · · Score: 0

      Pixar paid Jobs U$ 52,000 in 2001. Even though he owns 58.316% of the company, it hasn't paid any dividends since inception.

  17. Apple annual report by goombah99 · · Score: 4, Informative
    As an apple stock owner I get the annual report. This fact has been in the annual report of many years now. IN deed recently they asked us to vote on ways to increace excectuive compensation. this is not newsworthy. I mean even if he did get 0$ compensation he'd still be willing to run the ocmpany since he has stock and stock options.


    the 1$ is just the standard minimum for a contract. do you suppose he gets health benefits worth more than $1 too. i'd say so.


    the thing with steve is that he loves running apple and it shows. that's why I did not worry about voting stock options for him. I did not have the sense he was going to pull an enron, goose the stock price and bail. On the other hand I was a bit nervous about the rest of the board. What made me less owrried was that some of the principles ate the time was larry ellison and the head of genetech. These people are also into their own bussinesses in the same way steve is into his. So i felt reassured.


    maybe i'm wrong basing investment decisions on personality, but its the only stock I own I have not lost money on in the past several years.


    But the tone of this post, that the $1 salary is a hypocritical lie just does not past the reality test. only a naive dupe would think that was his only compensation.

    --
    Some drink at the fountain of knowledge. Others just gargle.
    1. Re:Apple annual report by tbone1 · · Score: 2, Interesting
      maybe i'm wrong basing investment decisions on personality, but its the only stock I own I have not lost money on in the past several years.

      No, you're not wrong. Character counts; it's not everything, but it compensates for a lot. People deny it, and a lot of popular opinion is against the idea. However, the longer I live, the more I see that character counts.

      --

      The Independent: Reverend Spooner Arrested in Friar Tuck Incident - ISIHAC, Historical Headlines
    2. Re:Apple annual report by Anonymous Coward · · Score: 1, Informative

      I own Apple stock too and haven't gotten an annual report in a couple of years now . . .

  18. This is a new development? by Asterax · · Score: 0, Redundant

    I knew that Jobs had plenty of Stock Options and a Jet purchased for him age's ago. On almost every magazine article about the man, they mention his salary and will allude to the "other" forms of payment given to him.

    So, I'm not surprised. :P

  19. He earned it by sg3000 · · Score: 5, Insightful

    Inertia can keep a company going for a long time. In the company I work for, I have seen mistakes that cost the company tens of millions of dollars, made not by people who successfully built the company, but by people who were brought in later. The fact that the company is still around just shows the inertia.

    Apple brought in a number of people to try to fix the company, and Amelio nearly ran it into the ground. Scores of analysts had given Apple up for dead. Jesse Berst of Ziff Davis even moronically suggested that Apple should shut down its R&D labs and give the money to start ups. Then Jobs returned, made strong decisions, and today Apple is a different company.

    So, I'd say that Jobs earned his money. He is one of the few "rock star" CEOs that has earned the money he made. It's a lot harder to fix a terminally broken company than it is to keep one going.

    I would say that the business world is certainly a "what have you done lately". 1997 is receding fast, and Jobs is going to have to continue to lead Apple towards success to be worth that kind of compensation. Now that Apple is healthy, the next benchmark is increased market share. Dell has shown in its quarterly earnings that a company can do well in this economic downturn. It's time for Apple to do the same.

    --
    Insert simplistic political, ideological, or personal proselytization here.
  20. Geez! by Draoi · · Score: 3, Informative
    What a bunch of whiners! Lookit - I worked at Apple during the Spindler years & on into the Gil 'wimp bullshit' Amelio period. Jobs was the best thing that ever happened to Apple. He turned the company around where nobody else could. Let him have the damn jet - he earned it. Shareholders can't complain either for, without grouchy, megalomaniac Steve, Apple would now be very dead.

    Steve had originally agreed, AFAIK, to work for $1 a year (+ benefits that all other employees get) until Apple got turned around. It's turned, so stop whining already.

    [Disclosure: yeah, I still work there.]

    --
    Alison

    "It is a miracle that curiosity survives formal education." - Albert Einstein

  21. I wonder how this stands up legally by Anonymous Coward · · Score: 0

    Surely $1/yr is less than minimum wage, but do all these little extras count as his actual income from apple?

  22. check the facts, looks are sometimes deceiving by Anonymous Coward · · Score: 1, Informative

    "...A recent report published by Economic Research Institute and CareerJournal.com tracks executive compensation, and there was an interesting footnote -- the highest paid executive in the whole survey was Apple CEO Steve Jobs, even though he's not actively collecting a real salary in his role. The Executive Compensation Index tracks how corporate executives are being paid, and has been active since 1997. It tracks total cash compensation -- to wit, salary and bonuses -- for the highest-paid executives at 45 major U.S. businesses. It also compares executive compensation to corporate revenues. The report rates Steve Jobs as the highest paid executive for the most recent survey period -- although he collected $1 salary, he did get a US$43.5 million bonus, according to the data collected..."
    and BusinessWeek ranked Apple's as one of the ten worst Boards of Directors due to: "...Founder Steve Jobs owns just two shares in the company. Recently departed director Larry Ellison had none and had missed more than 25% of meetings in the past five years. The CEO of Micro Warehouse, which accounted for nearly 2.9% of Apple's net sales in 2001, sits on the compensation committee. Since 2000, the board has awarded Jobs 27.5 million stock options and a $90 million jet. There is an interlocking directorship--with Gap CEO Mickey Drexler and Jobs sitting on each other's boards..." (a repeat post)

  23. Fools by Anonymous Coward · · Score: 0

    They gave him the jet. It's his. Sculley rented his jet to Apple. Ever use your personal car for business and get reimbursed by employer?

    What's the friggin difference.

    This topic is as inane as 1/2 the ones posted on /./Apple (if not more)

    Dumb. Inane. That should cover it.

  24. Wait let me get this straight by MoneyT · · Score: 2, Interesting

    Steve owns a private jet (forget who boght it, the fact is it's his). His company feels they could use such a jet, so steve is going to rent it. And this is odd how?

    --
    T Money
    World Domination with a plastic spoon since 1984
  25. Hate to Sound Like a Clinton Basher by jeramybsmith · · Score: 2, Interesting

    But Clinton played into this rich versus poor thing at one time and made up some silly rules about executives who make more than 1 million in salary. The result? People like Jobs who have to earn their salary through rental of a jet. The result is also that many executives' salaries were reduced to 1 million and instead paid in stock and/or stock options. As you can imagne, this motivated many executives to do anything they could raise stock prices. Layoffs, shady accounting tricks, and companies incorporating in caribbean countries to get away from American government micromanagement is the result. (yes, the executives who did these things are of course ultimately responsible and not the person who motivated them to do it) Now, I am not slamming Clinton, he didn't have a crystal ball at the time to see the result. I do however thinks its none of anyone's business but the stockholders how much the executives make.

    --
    Never overestimate the end user. -jeramy b. smith
  26. OLD NEWS by Anonymous Coward · · Score: 0

    Yeah, I remember seeing this story on ars about a WEEK AGO.

    Same with the Mitnick server being hacked story.

    Slashdot kisses too much ass. Will we EVER see a story about mitnick's server being hacked? You fucking editor fags with your fucking lips glued to his fucking cock.

  27. Because billionaires care about $1.2m by 90XDoubleSide · · Score: 4, Informative

    For that matter, the $40 million for the jet iself was just a gesture. This is the way Steve made his new fortune: Jobs owns 30,000,001 shares of Pixar, currently valued at $1,563,000,000. The shares increased in value by about $690,000,000 in 2002, so the $1,200,000 he made for the jet last year is pretty meaningless.

    --
    "Reality is just a convenient measure of complexity" -Alvy Ray Smith
  28. What's the big deal? by Anonymous Coward · · Score: 1, Insightful

    If I use my personal car for company business, I get reimbursed for the mileage. There are a lot of other ways to get reimbursed for personal expense, such as home offices, using personal telephones and computers for example.

    If he owns the jet, no matter how he got it, he is entitled to be compensated for any business use of it.

  29. Steve "Blow" Jobs earns for than a fuck a year by Anonymous Coward · · Score: -1, Troll
    Dear Apple,

    I am a homosexual. I bought an Apple computer because of its well earned reputation for being "the" gay computer. Since I have become an Apple owner, I have been exposed to a whole new world of gay friends. It is really a pleasure to meet and compute with other homos such as myself. I plan on using my new Apple computer as a way to entice and recruit young schoolboys into the homosexual lifestyle; it would be so helpful if you could produce more software which would appeal to young boys. Thanks in advance.

    with much gayness,

    Father Randy "Pudge" O'Day, S.J.

  30. A screw-up, never the less... by Kligson · · Score: 0
    I don't disagree with you. But you can't deny that this looks bad for Steve and Apple. People say that good will is a meaningless accounting term, but the name Apple Computer does count for something. Apple's position as a Microsoft alternative is hurt by bad PR.

    Remember this? It looked really bad for Apple then, now there's another smudge on the Apple name.

    I love Apple, but you have to admit that the $1/year fiasco was at least a PR mis-step.

    1. Re:A screw-up, never the less... by lunartik · · Score: 1

      How does it look bad? They provide him a jet (that he leases him his doesn't make much of a difference, they'd have to lease it from somewhere). He's a CEO. You thought he walked everywhere? Flew commercial with Mini Me and Yao?

  31. The big deal is...? by inkswamp · · Score: 2, Interesting
    He gets $1.2 million for renting the jet to them -- a jet that Apple bought for Jobs.

    You mean the jet that costs Jobs money to maintain and use? You bet your ass he rents it to them, and why shouldn't he? Why should Jobs foot the bill for the use of his property? I realize that it seems odd that a CEO would rent his jet to the company he runs, but this is no Enron. Let's keep the overreacting to a minimum, shall we?

    --
    --Rick "If it isn't broken, take it apart and find out why."
  32. There are some things... by DarwinDan · · Score: 2, Funny
    • Gulfstream V jet: $30m
    • Tricked-out XServe: $8248
    • 12" Al-Book $1299
    Getting the company that bought you the jet to rent it from you: priceless.

    There are some things money can't buy. For everything else, there's Steve Jobs.
    --
    $DEITY bless $NATION
  33. Well.. by Large+Green+Mallard · · Score: 1

    As long as they don't borrow Steve Wozniak's plane, they're all good :)

    Just kidding Woz. Love ya work :)

  34. Blah. What bothers me... by identity0 · · Score: 1

    A lot of people here seem to be of the "Well, so what? Jobs is great!" attitude. I fully agree that Jobs is a great CEO, and that he deserves a lot of money.

    What bothers me is this hoopla about how he makes only $1 a year. Basically, he's making such a big deal out of being an almost-unpaid CEO that it makes him look like a politician who yelling and screaming about being honest - it has sorta the oppisite effect, you suspect that something's up.

    It makes it look as if he thinks it would look unseemly if he were taking in lots of money. Almost as if he's going overboard trying to look like a saint. Well, he's not - he's their CEO, and there's nothing dirty about getting rewarded for his services. I wish they would just pay this guy upfront.

  35. Gil Amelio did the same thing by grouchomarxist · · Score: 1

    For what it is worth, Gil Amelio did the same thing when he was Apple CEO and he also received a salary and a bonus for a quarter of profit that was really number manipulation.

  36. What a perk! by phamlen · · Score: 2, Funny

    Hmmm... so they send you to the trouble site in a Lear jet if a server goes beserk? Sounds like time for a clever bit of system administration scripting.

    "Gosh, Boss, I have no idea why the servers in LA are down. Even rebooting doesn't seem to fix it. I guess I'll have to be flown out there - such a shame since it's 75 and sunny over there and we're buried in snow here."

    $ cat /etc/init.d/tempcheck
    if (LA.server == true)
    {
    if (CH.temperature < 15 || CH.expectedSnowFall > 10)
    {
    shutdown -halt now
    }
    }

  37. This is very common by AssFace · · Score: 1

    Oh come on - I'm not really an Apple fan at all - but all companies do this (or rather things like this).
    There are like 8 gazillion ways to avoid taxes via corporate uses - getting paid salary $1 means no tax on his salary and then he can live off of company perks that he would otherwise have to pay for were he doing it out of pocket.

    Then again, the last one I heard of doing something like this was when Enron had that dude... don't recall his name - they bought him a house, then sold it to him for cheap, and then bought it back off of him.

    They are all accountings ways out of company policies of the size of bonuses, as well as legal tax loopholes.

    the main issue with them is that they cause us "normal folk" to look more closely at it and then it can expose other things that they might be doing that are... less legal.

    --

    There are some odd things afoot now, in the Villa Straylight.
  38. Harvey Norman by POds · · Score: 0

    I Giant retailer in Australia Harvey Norman doesnt get paid anything at all... Although he prolly owns around 50% of the company, i guess the shares (and any dividends) are enough!

    --


    Giving IE users a taste of their own medicine since 2005 - http://pods.-is-a-geek.net/
  39. more than even the jet by Anonymous Coward · · Score: 0

    he gets tons of stock options too