14 DAY TRIAL // A lot of things may have changed about Apple and their products over the past year, however, some things have not. The Cupertino Company announced yesterday that Chief Executive Steve Jobs got a salary of $1 last year, same as in 2004 and 2005.
The new SEC disclosure rules require companies to provide a total compensation number, among other things, but this does not apply to Apple's 2006 proxy statement, only to its 2007 filing. The proxy statement showed that Chief Financial Officer Peter Oppenheimer realized $56 million in value from the exercise of options during 2006. Oppenheimer also received a $615,000 salary, a $450,000 bonus and restricted stock valued at $14 million.
Chief Operating Officer Timothy D. Cook received restricted stock valued at $22 million, a salary of $697,000 and a $525,000 bonus for 2006. Jobs received the majority of his compensation through an equity grant and isn't eligible for a bonus, according to Monday's filing. He doesn't receive any other compensation, the company said.
Jobs' salary is well known and while he does not flaunt it, others often point to it. The symbolic $1 will most likely continue to be the compensation Steve Jobs receives in the years to come. If anything, it has become far too well know for him to be able to walk away from without sending everyone speculating about the health and future of the company.
Apple also received six shareholder proposals covering a variety of topics, amongst which, the AFL-CIO Reserve Fund that submitted a proposal asking shareholders to urge Apple's board to adopt a policy allowing shareholders to vote annually on executive compensation. Apple's shareholder meeting is scheduled for May 10.