Jobs takes $1 2010 salary; Shareholders demand “CEO succession policy”

Jan 7, 2011
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Jobs takes $1 2010 salary; Shareholders demand “CEO succession policy”

Apple CEO Steve Jobs took just $1 in salary from the company in 2010, according to the company's latest SEC filing [pdf link], continuing the practice first established back in 1997. However, the documents also show that shareholders have requested that Apple "amend the company's corporate governance guidelines to adopt and disclose a written CEO succession planning policy" should Jobs be unable to hold the post.

Apple's board, however, disagree, arguing that the board as a whole is responsible for the company's strong performance rather than solely Jobs. They also believe that naming a successor would give rivals an unfair advantage, as well as dissuade new executives from joining Apple. Voting on the proposal will take place at the next annual meeting.

Meanwhile, Apple's target performance and actual performance are listed, and as expected the company comfortably exceeded their net sales and operating income goals. The target net sales goal for 2010 had been $52bn, but in fact reached $65.2bn, while operating income reached $18.4bn, higher than the $11.8bn goal.


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