Apple Inc.'s CEO Steve Jobs has received a salary of $1 per year since rejoining the company in 1997, a regulatory filing showed.
In a filing with the Securities and Exchange Commission on Friday, Apple said Jobs' total compensation consisted of $1 annual salary in 2010.
Jobs owns about 5.5 million shares of Apple’s stock (approximately $1.83 billion), and the company said his level of stock ownership significantly aligns his interests with shareholders’ interests.
The company believes the compensation program for its top brass is instrumental in helping it achieve its current strong financial performance. In 2010, the company’s revenue grew 52 percent to $65.2 billion. Net income grew to $14 billion in 2010, up 70 percent over the prior year.
Apple (NASDAQ:AAPL) passed the $300-billion market cap milestone this week, ranking it second only to Exxon-Mobil (NYSE: XOM) which is valued at about $377-billion. On October 13, 2010, Apple shares blew past the $300-mark for the first time in the company's history on the back of growing popularity of the iPhone 4, the iPod and especially the iPad.