As usual, Apple CEO Steve Jobs was paid just $1 in the past fiscal year. However, other top Apple executives were each rewarded with options for one million shares, according to a filing with securities regulators.
The CEO’s $1 salary in 2001 was the same salary he has drawn since 1999, the company said in its annual report filed with the Securities and Exchange Commission (SEC).
Chief financial officer Fred Anderson, senior software engineer Avie Tevanian, senior hardware engineer Jon Rubinstein, and head of sales Timothy Cook were granted one million share options - after having not been granted any such payment in 2000. Apple also awarded Cook a special executive bonus of $500,000 for accepting additional duties during the year.
Apple explained that much of its future success depends on the “continued service and availability of skilled personnel, including those in technical, marketing and staff positions”. The company stated that experienced personnel in the information technology industry “are in high demand, and competition for their talents is intense, especially in the Silicon Valley, where the majority of the company's employees are located”.
Earnings potential The ten-year executive options - carrying an exercise price of $16.81 - were worth just over $5 million as of December 26, 2001, and could be worth as must as $26.8 million if Apple shares appreciate by 10 per cent annually, according to the SEC filing.
Anderson drew a base salary of $657,039, down from $660,414 in 2000. Rubinstein was paid $469,737. Tevanian made $460,873, and Cook made $452,219.
Jobs held options for just over 20 million shares in Apple as of October 31, a stake of about 5.7 per cent in the company, Apple said in its filing.
Shares in Apple rallied by 47 per cent in 2001, closing up 13 cents to $21.49 on Boxing Day.