Buck stops at desk of Apple's CEO

SAN FRANCISCO - Apple Computer paid chief executive officer Steve Jobs US$1 in salary and no bonus in 2005 after he guided the maker of the iPod music player and iMac computer to its biggest profit ever.

In a regulatory filing yesterday, California-based Apple said other top executives, including chief operating officer Timothy Cook, received the maximum bonus, equalling 100 per cent of their salary.

Jobs, 51, has been paid US$1 in salary since he returned to the computer-maker in 1997.

Apple enjoyed a 68 per cent jump in sales to US$13.9 billion ($21.9 billion) last year and net income topped US$1 billion for the first time since Jobs co-founded the company in 1976. Surging consumer demand for the iPod also helped drive sales of the Macintosh computer to a five-year high.

"The company has concluded the best year in Apple's history, exceeding the [board's] performance goals," Apple said in the filing.

Cook, 45, who joined Apple in February 1998 and was named to his present post in October; chief financial officer Peter Oppenheimer, 43; Jonathan Rubinstein, who leads the iPod division; and Ronald Johnson, 47, in charge of Apple's retail stores, each received bonuses that matched their salaries.

Cook's salary and bonus totalled more than US$1.2 million, while Rubinstein, 49, who will retire on March 31, earned US$1.1 million.

Shares of Apple, up 63 per cent in the past year, rose 3.9 per cent, to US$65.68 in Nasdaq composite trading. Citigroup analyst Richard Gardner raised his rating to "buy" and said new products expected this year would boost sales and the stock price.

Three years ago, Jobs exchanged worthless options on a split-adjusted 55 million Apple shares for 10 million shares of restricted stock.

That gives him about a 1.2 per cent stake in the company, worth US$656.8 million ($1.02 billion) today.

PLUGGED IN

* Apple, founded in 1976, had its best year ever last year.

* That was due to the success of the iPod, which led to more sales for the iMac computer.

* Sales jumped 68 per cent to US$13.9 billion.

* Net income topped US$1 billion for the first time.

- BLOOMBERG