Newest Disney director refuses $65,000 annual salary
Friday, June 30, 2006
(06-30) 17:04 PDT Los Angeles (AP) --
Apple Computer Inc. chief executive Steve Jobs has asked not to be paid the $65,000 annual salary he is entitled to as the newest board member of The Walt Disney Co.
Disney's board Wednesday approved a modification of its director compensation policy for non-employee directors to exclude Jobs from compensation, according to a regulatory filing.
The modification was at Jobs' request, according to a filing Disney made Friday with the Securities and Exchange Commission.
Jobs has a history of declining compensation for board service and has taken token salaries as CEO at Apple and at Pixar Animation Studios, where he was chairman and CEO before Disney bought the company earlier this year.
Instead, Jobs has taken stock options or large ownership positions in his companies. Apple has also found other ways to reward Jobs. In 2001, for instance, the company gave him a $43.5 million Gulfstream V jet.
At Apple, Jobs is paid $1 per year and receives no compensation for serving on the board. At Pixar, he was paid $1 per week and received nothing for board service.
At Disney, Jobs, like other directors, is entitled to a base salary of $65,000 per year, plus an additional $10,000 per year if he serves on a board committee and another $15,000 annually if he chairs a board committee, according to Disney's policies.
Disney directors also receive an annual stock option grant of 6,000 shares and an annual deferred stock unit grant worth $60,000.
Jobs joined Disney's board in May after Disney bought Pixar. Jobs became Disney's largest shareholder with 138 million shares, which valued his stake at $3.9 billion when the deal closed.
Jobs has not yet been assigned to a board committee, Disney said Friday.