Keeping With Tradition, Apple’s CEO Takes $1 Salary

Steve Jobs again took an annual salary of $1 in 2010, the company said in a filing with the U.S. Securities and Exchange Commission.

Jobs is widely known for taking the $1 salary, a practice that has been in place since he rejoined the company in 1997. His total compensation for 2010 was the lone dollar. Jobs also owns about 5.5 million shares of the company and hasn’t sold any of his shares since 1997, according to the filing. He holds no unvested equity awards.

Apple shares recently traded down 22 cents to $333.51.

Meanwhile, the company’s operating chief, Timothy Cook, took in a salary of $800,000 in 2010 along with a $5 million bonus and $52.3 million worth of stock awards. His total compensation was just upwards of $59 million.

Apple’s results have soared lately, with the company capitalizing on its hot-selling iPad, iPod and iPhone devices. The company in October said its fiscal fourth-quarter profit jumped 70%, blowing past Wall Street estimates, on strong sales of iPhones and Macintosh computers.

By: Nathan Becker (Fox Business)


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