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December 25, 2009

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Value of Jobs' stake in Apple rebounds

APPLE Inc Chief Executive Steve Jobs was paid his customary US$1 annual salary in 2009, but Apple's strength through a rough economic climate returned the value of his personal holdings in the company to pre-crisis levels.

Jobs does not get a bonus or reimbursement for perks many other CEOs accept, such as personal security, according to a regulatory filing made on Wednesday. Apple said it reimbursed Jobs US$4,000 for company travel on his US$90 million Gulfstream V jet, which he received as a bonus in 1999.

That's far less than the US$871,000 Apple reimbursed Jobs in 2008. The CEO took nearly six months off in 2009 for medical leave, during which time he received a liver transplant. He returned to work at the company's Cupertino, California, headquarters part-time at the end of June.

Jobs, 54, holds 5.5 million shares of Apple's stock. He has not sold any shares since he rejoined the company in 1997, nor has he been awarded any new equity since 2003.

In 2008, the value of Jobs' stake in the company he founded was cut in half as investors worried Apple's pricey gadgets might not fare well through the recession.

But shares of the maker of iPods, iPhones and Mac computers gained about 42 percent during the 2009 fiscal year that ended in September, and at the close of trading on Wednesday, when Apple's stock reached US$202.10, Jobs' holdings were worth about US$1.1 billion.

At an annual meeting scheduled for February 25, Apple shareholders will for the first time have a chance to cast an advisory vote on the company's executive compensation plans.



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