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http://www.insanely-great.com/news.php?id=1878
200 Apple Executives Receive Big Bonuses
By Remy Davison, Insanely Great Mac
March 24th 2003
Bonus schemes all around as Apple misses its 2002 targets.
Apple's latest SEC filing Monday reveals that 200 employees have been awarded bonuses,
reports c|net. The company describes these as "recognition" bonuses.
The bonuses amount to between 3 and 5% of base salary, although Apple has not met
targets in recent quarters. 230 executives will benefit from the bonuses. The bonuses
applies to those at director level or above, but not to CEO Steve Jobs.
A separate bonus scheme is in place for employees occupying less lofty positions.
Executives benefiting from the bonus scheme include Avie Tevanian and Timothy Cook.
The news comes in the wake of a recent story that CEO Steve Jobs exchanged $22 million
in virtually worthless stock options for 5 million new options in the company.
Employees holding old options can also exchange old for new, although the number and
value will be lower.
Analysis: Should executives receive bonuses when they miss targets? Or is that what
Apple has to do to retain talent?
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