Steve Jobs

Business Life

Remember, the sixties happened in the early seventies, and that's when I came of age; and to me, the spark of that was that there was something beyond what you see every day. It's the same thing that causes people to be poets instead of bankers. And I think that's a wonderful thing. I think that same spirit can be put in to products, and those products can be manufactured, and given to people, and they can sense that spirit.

-Steve Jobs, Steve Jobs: The Lost Interview

Wealth
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Although Jobs earned only $1 a year as CEO of Apple, Jobs held 5.426 million Apple shares worth $2.1 billion, as well as 138 million shares in Disney (which he received in exchange for Disney's acquisition of Pixar) worth $4.4 billion. Jobs quipped that the $1 per annum he was paid by Apple was based on attending one meeting for 50 cents while the other 50 cents was based on his performance. Forbes estimated his net wealth at $8.3 billion in 2010, making him the 42nd-wealthiest American.

Stock Options Backdating Issue
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In 2001, Jobs was granted stock options in the amount of 7.5 million shares of Apple with an exercise price of $18.30. It was alleged that the options had been backdated, and that the exercise price should have been $21.10. It was further alleged that Jobs had thereby incurred taxable income of $20,000,000 that he did not report, and that Apple overstated its earnings by that same amount. As a result, Jobs potentially faced a number of criminal charges and civil penalties. The case was the subject of active criminal and civil government investigations, though an independent internal Apple investigation completed on December 29, 2006 found that Jobs was unaware of these issues and that the options granted to him were returned without being exercised in 2003.

On July 1, 2008, a $7 billion class action suit was filed against several members of the Apple Board of Directors for revenue lost due to the alleged securities fraud.

Management Style
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Jobs was a demanding perfectionist[126][127] who always aspired to position his businesses and their products at the forefront of the information technology industry by foreseeing and setting trends, at least in innovation and style. He summed up that self-concept at the end of his keynote speech at the Macworld Conference and Expo in January 2007, by quoting ice hockey player Wayne Gretzky

There's an old Wayne Gretzky quote that I love. 'I skate to where the puck is going to be, not where it has been.' And we've always tried to do that at Apple. Since the very very beginning. And we always will.[128]

Steve Jobs announcing the transition to Intel processors in June 2005.
Much was made of Jobs's aggressive and demanding personality. Fortune wrote that he was "considered one of Silicon Valley's leading egomaniacs". Commentaries on his temperamental style can be found in Michael Moritz's The Little Kingdom, The Second Coming of Steve Jobs, by Alan Deutschman; and iCon: Steve Jobs, by Jeffrey S. Young & William L. Simon. In 1993, Jobs made Fortune's list of America's Toughest Bosses in regard to his leadership of NeXT.

NeXT Cofounder Dan'l Lewin was quoted in Fortune as saying of that period, "The highs were unbelievable ... But the lows were unimaginable", to which Jobs's office replied that his personality had changed since then.

Apple CEO Tim Cook noted, "More so than any person I ever met in my life, [Jobs] had the ability to change his mind, much more so than anyone I've ever met... Maybe the most underappreciated thing about Steve was that he had the courage to change his mind."

In 2005, Jobs banned all books published by John Wiley & Sons from Apple Stores in response to their publishing an unauthorized biography, iCon: Steve Jobs. In its 2010 annual earnings report, Wiley said it had "closed a deal ... to make its titles available for the iPad." Jef Raskin, a former colleague, once said that Jobs "would have made an excellent king of France", alluding to Jobs's compelling and larger-than-life persona. Floyd Norman said that at Pixar, Jobs was a "mature, mellow individual" and never interfered with the creative process of the filmmakers.