Apple CEO Steve Jobs may officially take home a yearly wage of $1, but he saw his compensation package surge by more that 1,000 per cent in 2003, an official survey reveals.
According to an Associated Press report, Jobs was one of four CEOs who watched their total compensation packages surge by more than 1,000 per cent in 2003. The increase was "largely through exercising stock options and receiving restricted stock," claims the report.
The survey by The Corporate Library found that the average pay for a CEO in the United States increased by 15 per cent last year. For chiefs of larger companies it rose by 22 per cent, despite calls for restraint in CEO pay, reports Associated Press.
The median compensation for CEOs rose 22.18 per cent. Compensation packages include base salary, annual bonus, total annual compensation, restricted stock, long-term incentive payouts and the value realized from the exercise of stock options. In 2002 total compensation rose by a median of 9.5 per cent.
The report states: "With statistics such as these, it would appear that any chance of reining in executive compensation has disappeared. Since every other element of pay has increased, both in magnitude and frequency, CEOs are unlikely to feel the squeeze for at least three years, perhaps never."
Increases were seen in almost every category of executive compensation. The only category to decline from 2002 to 2003 was the value of stock option grants.