Apple Co-Founder Jobs Receives just $1 in Salary

By Richard Gibson
Jan 9 2011

In a report filed with the federal government last week, Apple co-founder Steve Jobs announced that he received just $1 in salary from the company while serving as CEO.

The tiny salary figure for the colorful tech figure is a symbolic gesture on the part of the Jobs. As the co-founder Jobs served as one of the original leaders of the company. However, he broke away from the company at one point and formed NeXT, a company based on education and business marketing.

However, Apple bought NeXT in 1997 and brought Jobs back as CEO a position he has held ever since. Jobs also sits on the board of directors of Walt Disney and once held the position of CEO of Pixar before it was absorbed by Disney.

The $1 salary figure as received by Jobs is a common tactic in the business world. It was first started by Lee Iacocca when he took over Chrysler as a company on the verge of bankruptcy.

The trick to the salary figure is the fact that the CEO, like Jobs, receives massive shares in the company along with bonus payouts. Jobs is the majority shareholder in Apple, one of the largest and most popular tech companies in the world. It is estimated that his yearly benefits from stocks and bonuses is nearly $50 million.

Jobs is on the Forbes list as one of the richest men in the world. He ranks just below Facebook founder Mark Zuckerberg at this time.