Apple Hands Out $100K Raises To Three Execs
7:15 am, January 8th, 2009, Ed Sutherland
Photo: Cishore/Flickr
Apple chief operating officer Tim Cook, finance head Peter Oppenheimer, and Mac hardware senior vice president Bob Mansfield had their paychecks boosted, as well as their stock portfolios.
Cook, often mentioned as a possible replacement for Jobs, will earn $800,00 per year. Oppenheimer, Apple’s Chief financial officer, will make $700,000 per year, while hardware chief Mansfield will make $600,000.
Along with the fatter paychecks, the three executives received restricted stock grants. Cook received a grant for 200,000 shares of Apple, while Oppenheimer received 150,000 shares and 120,000 for Mansfield. Apple’s stock closed up two percent Wednesday at $91.01 per share.
While the global economic downturn has hit Apple’s hardware sales, the impact was made even more personal for Jobs, whose 5.5 million shares lost about half of their worth, according to the San Francisco Chronicle.
When he returned to head Apple in 1997, the stock was selling at $200 per share, making them worth more than $1 billion. However, after the turbulent 2009 stock market, Apple’s stock price fell to $91.01. The decline means Jobs’ stock holdings in Apple are worth half, or $500 million.
Posted by Ed Sutherland in News | Comment on this article
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These comparisons with the 1997 worth of Jobs’ stock only make sense if using split-adjusted values. Given that the stock has split several times since 1997, for the stock to have been selling in 1997 at a *split-adjusted* value of $200/share would have meant that, at the time, it would have been selling for somewhere around $1,000 share… which I don’t believe. So the comparison, as stated, would seem to be totally bogus.
Paul Lustgarten, on January 8th, 2009 at 8:04 am
Hum, according to google finance AAPL share were selling at about $ in 1997…
The stock price reached $200 in 2007.
If he bought his 5.5 million shares in 1997 (which must not be the case) he actually made $500 million with these shares.
google finance, on January 8th, 2009 at 8:27 am
“When he returned to head Apple in 1997, the stock was selling at $200 per share”
No way this is true, more something like 40$, split adjusted
mungo, on January 8th, 2009 at 8:35 am
Just a very clumsily composed sentence, mate…
Should be:
After he returned to head Apple in 1997, the stock price reached a peak of $200 per share in early 2008, making Jobs’ shares worth more than $1 billion. However, the turbulent stock market led to a decline: yesterday Apple’s stock price was $91.01.
Bert Vanderveen, on January 8th, 2009 at 8:45 am
Actually, I remeber it at $10/share
JoeBloe, on January 8th, 2009 at 12:38 pm
Propss to Bert Vanderveen for making sense of the error, maybe Ed can correct his post?
Scott Siegling, on January 8th, 2009 at 2:39 pm
I’m not a stock market investor, but a simple Google Finance search will tell you that the stock price on July 9, 1997 (the day Steve Jobs returned as interim CEO) for AAPL was $3.42. Am I missing something obvious here? There have been two splits, both at a 2:1 ratio, one on 21-Jun-00 and one on 28-Feb-05, so the non-adjusted price would have been $13.68.
If I’m getting this wrong, let me know.
[http://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chdet=1231362000000&chddm=1205163&q=NASDAQ:AAPL&ntsp=0]
Michael, on January 8th, 2009 at 10:44 pm