January 07, 2011, 12:09 PM — A recent filing by Apple with the Securities and Exchange Commission shows that the parsimonious company still refuses to fairly compensate co-founder and chief executive Steve Jobs with a livable salary.
Looks like Jobs will have to make do with his nearly $1.9 billion in Apple stock.
Of course, Jobs and the company have a long-standing agreement that he be paid only $1 per year in salary, though, as the Associated Press reports, Apple reimbursed its CEO for $248,000 in travel expenses, most accrued through the use of Jobs's $90 million personal jet.
With 5.5 million shares of Apple (NASDAQ: AAPL), Jobs has seen his fortune rise dramatically in the past year as the company's stock has mirrored its financial and market performance fueled by the success of the iPad tablet and iPhone 4 smartphone.
Shares closed on Dec. 31, 2009, at 210.73 and finished the year at 322.56, a gain of 53.1 percent. For Jobs, that meant an increase in the value of his stock to $1.77 billion from $1.16 billion, all in one year. And with shares up to $333.73 as of Thursday's close, pushing his Apple holdings to $1.86 billion, Jobs should be well-positioned to weather any cuts in Social Security.
On the other hand, Apple probably doesn't cover oil changes for Jobs's Gulfstream V jet. Those probably add up.
Chris Nerney writes about the business side of technology market strategies and trends, legal issues, leadership changes, mergers, venture capital, IPOs and technology stocks. Follow him on Twitter @ChrisNerney.