A regulatory filing with the American Securities and Exchange Commission has revealed that Apple chief executive Steve Jobs has taken compensation of only $US1 in 2010.
Jobs, who has served as chief executive since 1997, customarily only takes $US1 in salary but owns about 5.5 million shares, although he hasn’t sold any of those in the past 13 years.
However, the Wall Street Journal reports that COO Timothy Cook took a salary of $US800,000, along with a $US5 million bonus.
The filing also reveals that Cook ran the company day-to-day while Jobs was absent due to receiving treatment for pancreatic cancer.
“The company takes succession planning seriously, and the board has adopted a comprehensive process to ensure continuity and maintain the superior quality of its management team,” the recent filing says.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
