Apple CEO Steve Jobs took home just one dollar for leading the company last year, Apple has revealed.
Jobs received 7.5 million stock options at an exercise price of $18.30. Only 25 per cent of these shares are exercisable now, with the rest becoming usable on an annual basis over the next three years.
Apple's board voted the award in October 2001. The award is designed to: “Provide him with an incentive to continue to serve as the company's CEO and maximize shareholder value”, the company said. “Substantially all of Mr Jobs' existing options are 'significantly underwater'”, the filing claims.
As well as one million stock options per executive, Apple's chief financial officer, Fred Anderson was paid $657,039 last year, while senior vice president, hardware engineering Jonathan Rubinstein was awarded $469,737. Senior vice president Avie Tevanian was paid $460,837.
Revenue re-evaluation In related news, analyst firm JP Morgan yesterday lowered its earnings per share estimate for Apple to six from 11 cents per share. The analyst also cut its revenue estimates to $1.35 billion from $1.45 billion.
The decision was a reaction to Jobs' revelation that the company has so far shipped only 125,000 units of the new iMac. This was below expectations, and has been caused by production and component problems.
The analysts observed: “Add to this weak volume levels in the January and February iMac ramp, and we believe that profitability on the new machines may have come close to evaporating for the quarter.”
Apple's shares fell 2.61 per cent yesterday, closing at $24.27 per share.