New Apple chief's pay package is placed at $10 million or more
Article Abstract:
Apple's new Chmn and CEO Gilbert F. Amelio will earn a total of at least $10 million a year until the year 2001, a revelation that comes at the same time the company announces that it will pay no dividends because of its losses. The announcement also follows in the wake of a decision to lay off 1,300 employees, but Apple claims the salary is necessary to attract a well-qualified CEO. Most analysts agree that the salary is appropriate and that it reflects the serious challenges facing the company. Amelio has a guarantee that he will earn at least $2.5 million in salary and bonuses, well above the the $1.42 million earned by his predecessor Michael H. Spindler. Amelio's signing bonus is $200,000, and the annual bonus may reach as high as $4 million. Amelio will get 200,000 shares of Apple stock every year and options to buy one million more shares. Apple will lease Amelio's private airplane for business use and will loan him $5 million.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1996
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Silicon Valley whodunit case is effort to end industry scams
Article Abstract:
An investigation orchestrated by a Tandem Computers official, a corporate attorney and a New York police detective uncovers a ring of Silicon Valley computer thieves selling fraudulent computer systems. Information obtained in the investigation indicates that such criminal activity is not uncommon in the computer industry. The carefully engineered sting operation lasted for approximately five years and resulted in civil and criminal suits being filed against executives of Hi-Tech Computer Systems and National Smelting and Refining, each located in Silicon Valley. The experience of the case has provided federal law enforcement agents with the means to refine their investigative strategies in computer crime. The case has also led to the creation of the FBI's High-Technology Crime Unit and a greater awareness of computer fraud throughout the computer industry.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1996
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