iPad is beyond Steve Jobs’ pay grade

By A. James Memmott

April 3, 2010 at 7:36am

The iPad that comes out today will most likely make Apple (AAPL.O) CEO Steven P. Jobs richer.

But were he to stand in line and buy a copy of the tablet computer for himself, he couldn’t pay for the product using his salary alone.

As he has done since he returned in 1997 after a decade away from the company he co-founded, Jobs continues to draw a salary of $1 a year, as was shown by Apple’s proxy statement for 2009.

Steve Jobs
Steve Jobs

Not to worry. The same statement shows that Jobs owns slightly more than 5.5 million shares of Apple stock. At $236 a share, those shares were worth $1.3 billion at the close of trading Thursday.

Jobs hasn’t sold a share of Apple since 1997, but he does have other sources of income.

Crenk, a weblog that covers Internet companies and products, reports that Jobs can live quite well on the dividends from his 138 million shares of Walt Disney Company stock. He obtained the shares when Disney bought Pixar Animation in 2006.

Jobs has received $48 million a year in dividends from Disney for the last three years.

The beauty of this income, Crenk reports, is that dividends are taxed at 15 percent, as opposed to the 35 percent rate for most CEO income.

The Apple proxy statement reports that the company reimbursed Jobs $4,000 in 2009 for his business use of his private plane.

In 2008, he received a reimbursement of $871,000; in 2007, Apple paid him $776,000.

Jobs took a leave of absence from Apple for health-related issues in January 2009. He had a liver transplant in April and returned to work in June.

On Jan. 27 of this year, Jobs announced the iPad, saying it was a “truly magical and revolutionary product.”

Since then, anticipation has grown and lines of early adopters were forming outside Apple Stores on Friday.

Feeding into the frenzy, ABC’s “Modern Family” featured the iPad on Wednesday in an episode that ended happily with ubergeek Phil furtively stroking his new device.

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  • #1.   Byron King 04.03.2010

    iPad meets Philip Glass (Koyaanisqatsi)

    What if the iPad actually changed the world? I’m all for it trying.

    Click the button and the world is your oyster.

    Unfortunately it’s made in flash so you won’t be able to view it on your iPad.

  • #2.   Laurie Bennett 04.03.2010

    Muckety maps also rely on Flash.

    Another loss for iPad users.

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