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NYT: Jobs’ compensation an ‘oddity’

A New York Times article looks at executive compensation, including that of Apple CEO Steve Jobs: “There is nothing average about the way Apple pays Mr. Jobs. In effect, his pay swung from US$84 million in 2001 to $3.6 million in 2002 to $74.8 million last year. But those numbers do not fully capture the oddity. To appreciate the quirkiness of Apple requires a breakdown of the components of Mr. Jobs’ pay. Three years ago, all his compensation came in the form of a $90 million jet; two years ago, it was mostly in options, which he later gave back, and last year it was all in restricted shares of the company. He received just $1 in cash. Still, his stock grant easily put him at the top of the 2003 survey.”

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