A Year Ago: Apple's boss doesn't cost a cent

First published: Tue, 17 Mar 1998 18:36:20 GMT
Written by Lisa M. Bowman, Contributor

Maybe Apple's put off picking a new CEO because it's getting a pretty good deal with its current leader.

Apple interim CEO, Steve Jobs, didn't collect any salary from the company in 1997 according to the company's proxy statement filed today. Jobs, who took over the reins in September, also holds only one share of Apple stock, though he has options to buy 30,000 at $23.63 (£14.58) each.

Meanwhile, ousted CEO Gil Amelio scooped up nearly $2m (£1.23m) in salary and bonuses, not including a $6.7m (£4.14m) severance package in 1997 and he still owns 16,849 shares, according to the filing.

New board members Larry Ellison, the CEO of Oracle; William Campbell, the CEO of Intuit; and Jerome York, a former CFO at IBM, were also granted options to by 30,000 shares for $23 (£14.2) each. When Jobs took over the company last summer, he instituted a new policy requiring board members to be paid in options rather than cash. None of the company's officers received a bonus during 1997.

At Apple's annual shareholder meeting on April 22, stock owners will vote on whether to re-elect Jobs and fellow board members Ellison and Edgar Woolard. Ellison joined the board along with York and Campbell in August when Jobs took over as chairman. Jobs became interim CEO the following month.

Shareholders also will vote on whether they want to elect all board members annually rather than electing half the board every two years.

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