Re: Apple, Jobs, and the irony of it

["Paul Grammens" <grammens@svn.net>]

"Supertimer" <supertimer@aol.com> wrote in message
20030817041138.21828.00000588@mb-m07.aol.com">news:20030817041138.21828.00000588@mb-m07.aol.com...
> Remember back in 1983-1984.  Steve Jobs at
> Apple and his obsession with the anti-IBM
> crusade.  Remeber the 1984 commercial with
> the hammer being thrown at "Big Brother" and
> the intro of the Mac.
>

I recently ran across this info on Steve Jobs. Apparently he's the most
over-paid executive in the country.  If's from an article by Graef Crystal,
a guy who analyzes CEO pay.

"A review of total pay from 2000 through 2002 for 243 CEOs running companies
with 2002 revenue of $5 billion or more also shows that total pay ranged
from a low of $336,000 a year received by Berkshire Hathaway Inc.�s Warren
Buffett to $219 million a year for Steve Jobs of Apple Computer Inc. "

"Most ludicrous

Besides having the group�s highest three-year average annual pay, Jobs also
wins my Most-Ludicrous-Pay-Package trophy, which isn�t awarded every year.
When Jobs returned to Apple in August 1997 to run the company he co-founded,
he started out with a pay package of precisely one element�$1 a year in
salary.

Then, in a stunning display of love gone out of control, Jobs� board in 2000
gave him title to a free Gulfstream 5 jet for his personal use and also
history�s most valuable stock option grant, one covering 20 million shares,
equal to about 6 percent of all outstanding shares.

The jet, including reimbursing Jobs for all of his taxes on the gift, as
well as the taxes on the taxes on the taxes, set back the shareholders $84
million.

In fiscal 2002, after it became clear his 20 million option shares weren�t
likely to rise out of the muck of San Francisco Bay, Jobs�s board gave him
options on another 7.5 million shares.

In March 2003, after the end of my study period, Jobs gave up the ghost
entirely on stock options. He turned in his 27.5 million option shares for a
grant of five million free shares worth $74.6 million."