Apple’s Steve Jobs was among the most overpaid CEOs in the Bay Area in 2003, and Oracle’s Larry Ellison (one of Jobs’ closest friends) was among the most underpaid, according to research compiled by the San Francisco Business Times. Michael Cannon, CEO of Solectron Corp., a Milpitas-based electronic instrument maker, ranks as the No. 1 most overpaid CEO of Bay Area public companies in 2003, according to the Business Times report, which was published today. Following him on the overpaid list were Craig Conway, CEO of Pleasanton’s PeopleSoft; Gregory Reyes of Brocade Communications Systems of San Jose; Michael Splinter of Applied Materials in Santa Clara; and Jobs.