Having received only $1 a year since re-taking control of Apple Computer in 1997, Steve Jobs is now the proud owner of 10 million company share options – and an executive jet.
As part of an extraordinary compensation offer following the announcement of Apple’s $183 million first-quarter profit, Apple’s board of directors has voted to grant Jobs - who announced he was to become permanent CEO at Macworld Expo – stock options to purchase 10 million shares of Apple common stock. The options were granted a week ago, when Apple's stock closed January 12 at $87. Apple shares are now sitting pretty at £106.50 – a potential profit of $195,000,000 already for Jobs.
"Steve’s stock options were granted a week ago at the then-market price, and will gain value only as Apple’s stock price rises, to the benefit of all shareholders,” said Apple Board member Jerry York. "This grant reflects Steve’s and the Board’s confidence in the future value of Apple."
The Gulfstream V airplane (pictured) that the board of directors voted to give Jobs is in recognition for his service to the company during the past two and a half years.
Jobs, whose annual salary remains a token $1, has taken no compensation since returning to the company over two years ago. Since then, Apple's market capitalization has risen from less than $2 billion to over $16 billion, and the board wanted to show its appreciation for Apple's performance under Jobs' leadership by giving him the airplane and the options, Apple board member Ed Woolard said in the release.
A Gulfstream jet is the latest must-have accessory for IT CEOs. Last month, Mark Cuban, co-founder of Broadcast.com, purchased the craft online for a cool $40 million.
The Gulfstream V is the latest top-of-the-range business jet, with a range of 7,500 miles. In essence, it is a fully loaded stretch limo that flies. It seats up to 13 passengers and flies at speed up to 560mph. It has a 50ft cabin that is stuffed full of leather furniture and desks.
This would enable Steve to fly directly from Apple’s Cupertino HQ to London non-stop, without having to slum it with the general public. To say this plane is a luxury model would be a gross understatement, it is the closest reality to the Imperial Leather commercial - with the bath on the plane - that there has ever been.