Steve Jobs Gives Himself A 14% Pay Raise

OK, maybe not a pay raise per se. His salary from that moderately successful tech company that he runs is remaining at $1 per year. And no matter how frugal he is, it’s absolutely impossible to make $1 last a whole year. Of course, as we have discussed before, Steve Jobs lives off his dividend income.

 

Sure Steve Jobs has billions worth of stock in Apple [[AAPL]], but he hasn’t sold any shares since resuming his CEO role in 1997. That leaves him with his dividend income.

 

The Apple CEO owns approximately 138 million shares of Walt Disney Company [[DIS]]. The dividend income alone on those shares will generate a healthy $48 million in spending money this year.

 

Even better news for Jobs is that Disney announced a 14% dividend increase yesterday. That dividend will be paid in January and will net Steve Jobs a cool $55 million.

 

A 14% dividend increase hardly seems earth shattering coming from Disney. The company has demonstrated a strong commitment to dividends and has increased their dividend for 55 consecutive years. However, it is interesting that the biggest beneficiary of the dividend increase is Apple’s CEO. And he just happens to sit on Disney’s board of directors who authorized the dividend payment. Nothing like looking out for your own interests!

 

Not that anyone is complaining. Disney shares have gained 13% in 2010 and having Steve Jobs sitting on your board is never a bad thing.

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