Jobs Refuses Pay for Disney Board Service

Disney's board approved a modification of its director compensation policy to accommodate Jobs' request, according to a filing Disney made Friday with the Securities and Exchange Commission. . l( j- j4 @3 M

  j; L" {' t7 Z1 T: ^. ZJobs has a history of declining compensation for board service and has taken token salaries as CEO at Apple and at Pixar Animation Studios, where he was chairman and CEO before Disney bought the company earlier this year.
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$ z3 f/ J6 h5 P3 k( ?; V- g; j  u" RInstead, Jobs has taken stock options or large ownership positions in his companies. Apple has also found other ways to reward Jobs. In 2001, for instance, the company gave him a $43.5 million Gulfstream V jet. 8 {! [! ~# ], l. X

( j% i: A( L& B$ T  F: ~9 hJobs joined Disney's board in May after Disney bought Pixar. Jobs became Disney's largest shareholder with 138 million shares, which valued his stake at $3.9 billion when the deal closed.