$1 Makes Steve Jobs Most Underpaid Bay Area CEO in 2004

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The San Francisco Business Times reported last Friday that Apple CEO Steve Jobs was the most underpaid CEO in the Bay Area during 2004. Mr. Jobs earned US$1, thanks to a contract that calls for all of his compensation to come in the form of stock options. The Business Times noted that in 2003, Mr. Jobs received five million shares of restricted stock, which became 10 million shares when the stock split in February. Those shares are now worth approximately $360 million, but he must hold them until March 2006. In 2003, Mr. Jobs earned $74.8 million.

Chiron Corp. CEO Howard Pien, who earned $12.6 million in 2004, was considered the most overpaid, based on the shutdown of a Chiron flu vaccine plant in England. Last yearis most underpaid CEO, Yahoo!is Terry Semel, took home $109 million in 2004 and was considered fairly compensated because his companyis stock has tripled since he took the helm in March 2001.

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