Talk about stretching a dollar. In a regulatory filing, Apple
announced that its Chief Executive Officer, Steve Jobs
, was again compensated just $1 in annual salary for 2010, which is something he has been doing for over a decade now.
"In 2010, Mr. Jobs’s compensation consisted of a $1 annual salary," Apple said in the filing. "Mr. Jobs owns approximately 5.5 million
shares of the Company’s common stock. Since rejoining the Company in 1997, Mr. Jobs has not sold any of his
shares of the Company’s stock. Mr. Jobs holds no unvested equity awards. The Company recognizes that
Mr. Jobs’s level of stock ownership significantly aligns his interests with shareholders’ interests. From time to
time, the Compensation Committee may consider additional compensation arrangements for Mr. Jobs given his
continuing contributions and leadership."
It's safe to say Apple had a banner year in 2010. Despite the initial negative press surrounding the iPhone 4 mainly over the antennae issues, Apple's revenue grew to $65.2 billion last year, a increase of $22.3 billion or 52 percent over 2009. Net income grew to $14 billion, a whopping 70 percent increase over 2009.
As The Wall Street Journal points, out, "few CEOs are as important to their companies or so closely identified with them as Jobs is with Apple." And while Apple does offer performance-based cash bonuses, Jobs doesn't participate in the bonus program.