Tao of Steve

No Golden Parachute for Steve Jobs, CEO of Second-Most Valuable U.S. Company

steve jobs lion No Golden Parachute for Steve Jobs, CEO of Second Most Valuable U.S. Company

The lionhead and the lion.

We’re on the Footnoted.com email list, a daily serving of excessive executive compensation and corporate lavishness, but today’s missive about CEO compensation had a different tone. The blog took a look at what Mr. Jobs, who has been taking a $1 salary since 2003 even as Apple’s stock soared, is likely to take with him in the way of retirement benefits, severance bonus and other good-bye perks. “The answer: not much.”

Mr. Jobs owns more than $2 billion worth of Apple stock, it’s true–which means the company’s two percent stock dropĀ following the announcement personally cost him more than $40 million.

“Otherwise, however, Jobs has no employment agreement,” Footnoted says. “No severance agreement. No change-in-control agreement. No gold-plated pension or lifetime health benefits. That’s as of Apple’s most recent filings: Jobs and Apple may even now be hashing out some lavish retirement agreement. We’ll see.”

But it seems unlikely. Besides his corporate jet, Footnoted reports, Mr. Jobs, has been pretty frugal for being one of the most successful CEOs of all time.

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