Once a good bit of factual inaccuracy gets going, itis often hard to stop it. Such is the case with Graef Crystalis fuzzy math attack on Appleis compensation for Steve Jobs. Originally published by Bloomberg News, Mr. Crystalis column on out-of-control pay for CEOs took a nine-year total compensation package for Apple CEO Steve Jobs of US$158.6 million, and called it instead a one-year compensation package of US$219 million.
TMO published a column by this author debunking that piece, and explaining the actual math involved. For those keeping score at home, Steve Jobsis total compensation for the last six years, coupled with the next three years over which his stock grant will vest, is actually US$17 million per year. While some will still call that excessive, itis a far cry from the US$219 million in one year that Mr. Crystal claimed Steve Jobs was getting paid.
The New York Daily News has taken that one step higher by publishing a report that says that Apple Computer has actually paid Steve Jobs US$219 million per year for the last three years. Thatis a whopping total of US$657 million, though again, in reality Mr. Jobs has been compensated US$158.6 million for a nine year period (see The Spin below for an update on that number). The newspaperis source for this outrageous inaccuracy? The same Graef Crystal.
At least 15 firms paid their CEOs more than $19 million a year over the last three years, according to data from independent compensation consultant Graef (Bud) Crystal.
That includes Apple Computer, which paid CEO Steve Jobs $219 million per year for the last three years, including salary and options, according to Crystal.
You can read the full story at The New York Daily News.