John Sculley Net Worth 2024

What is John Sculley’s Net Worth and Salary?

John Sculley is an American businessman, entrepreneur and tech investor who has a net worth of $80 million. John Sculley is greatest recognized for his involvement with PepsiCo and later Apple. At each firms, his advertising acumen and administration abilities helped improve gross sales considerably. As an entrepreneur and investor, Sculley is concerned with such high-tech startups as Zeta Global, Mobeam, OpenPeak, and WorldMate.

John Sculley’s profession at PepsiCo began as an intern within the late Nineteen Sixties. He grew to become the Vice-President of Marketing in 1970. While at PepsiCo, he turned the corporate round from a downward spiral, rising their gross sales and income by creating advertising campaigns just like the “Pepsi Challenge”, and utterly overhauling their International Food Operations division. He grew to become president of PepsiCo in 1977, however left the corporate to take over as CEO at Apple Computers in 1983. He was famously lured away from Pepsi after Jobs requested him: “Do you need to promote sugar water for the remainder of your life, or do you need to include me and alter the world?” Sculley and Steve Jobs started to disagree in regards to the route of the corporate nearly instantly, and in 1983 the board fired Jobs, selecting to maintain Sculley due to his confirmed observe document. His tenure began out effectively at Apple, however by the early 90s, issues had began to go very awry. He was kicked out of Apple by the board, in 1993.

Early Life and Education

John Sculley III was born on April 6, 1939 in New York City to Wall Street lawyer John Sculley Jr. and horticulturalist Margaret Smith. He and his brothers spent a lot of their childhoods in Bermuda earlier than returning to the States. As a young person, Sculley went to St. Mark’s School in Southborough, Massachusetts. He went on to attend Brown University, from which he earned his BA in architectural design. Sculley subsequently obtained his MBA from the Wharton School of the University of Pennsylvania.

PepsiCo

In 1967, Sculley joined PepsiCo as a trainee in a six-month program at a Pittsburgh bottling plant. Just a few years later, on the age of 30, he grew to become the corporate’s vice chairman, making him the youngest individual ever to imagine that place. In his function, Sculley launched one among PepsiCo’s first consumer-research research, which resulted within the firm producing bigger and extra diverse soft-drink packages. He went on to spearhead PepsiCo’s battle with Coca-Cola within the Cola Wars, spending lots of of 1000’s of {dollars} on advertising campaigns. Sculley’s most important marketing campaign was the Pepsi Challenge, which included a sequence of tv commercials that includes blind taste-testers selecting Pepsi over Coca-Cola. Among his different actions, Sculley helped enhance the floundering meals division at PepsiCo. Due to his many successes on the firm, he was named president in 1977, and remained in that function till 1983.

Apple

In 1983, Sculley was lured away from PepsiCo to use his advertising experience to Apple computer systems. Joining founder Steve Jobs, he helped give Apple a picture of reliability and status, and used his advertising prowess within the profitable launch of the Macintosh laptop. However, Sculley and Jobs quickly discovered themselves at a loggerheads over their respective administration types. The conflict culminated in Jobs making an attempt to oust Sculley from his management function, which as an alternative had the other results of Jobs shedding his managerial duties by the hands of Apple’s board of administrators. Jobs would subsequently resign from Apple and found NeXT.

Following the departure of Jobs, Sculley was named the brand new president of Apple. Under his administration, he turned the corporate round considerably, introducing such widespread merchandise because the PowerBook and the System 7 working system. By the top of his tenure in 1993, Sculley had brought Apple’s sales from $982 million when he started to nearly $8 billion. However, not all was effectively, as Sculley brought about tensions inside the firm for refusing to license Macintosh software program and negotiating the potential for splitting Apple into two firms. Consequently, he was ousted by the corporate’s board.

Apple Salary and Stock

During his tenure as CEO of Apple from 1983 to 1993, John Sculley was one of many highest-paid executives within the United States. In 1987, Sculley acquired a wage of $10.2 million, making him the highest-paid govt in Silicon Valley at the moment.

When he joined the corporate, he was paid a $1 million signing bonus and given an annual base wage of $1 million plus choices on 350,000 Apple shares.

Apple’s inventory break up a number of instances within the a long time after 1983. Here’s what would have occurred to 350,000 shares over the a long time:

• 1987 Split: 350,000 * 2 = 700,000 shares
• 2000 Split: 700,000 * 2 = 1,400,000 shares
• 2005 Split: 1,400,000 * 2 = 2,800,000 shares
• 2014 Split: 2,800,000 * 7 = 19,600,000 shares
• 2020 Split: 19,600,000 * 4 = 78,400,000 shares

So in different phrases, had Sculley by no means offered a single share of his unique 350,00 share grant, in the present day he would personal 78.4 million shares of Apple. At Apple’s $2.6 trillion market cap and $164 value per share, that stake can be price $12.8 billion. Those shares would have additionally generated lots of of tens of millions of {dollars} in dividends.

Sculley just isn’t at present listed as one among Apple’s largest particular person shareholders so it’s presumable that he offered most of his unique 1983 grant in some unspecified time in the future.

Apple Market Cap

When John Sculley took over as Apple’s CEO in April 1983, the corporate’s market capitalization was round $1.2 billion. Over the subsequent decade, Apple’s market cap skilled fluctuations, nevertheless it usually elevated.

Here are some milestones to provide you an concept of how Apple’s market cap advanced throughout John Sculley’s tenure:

• 1983 (when Sculley took over): ~$1.2 billion
• 1987: Apple’s market cap reached $5.1 billion.
• 1990: Apple’s market cap hit a excessive of round $10 billion.
• 1993 (when Sculley left): Apple’s market cap was roughly $7 billion.
• 1998: $2.5 billion
• 2003: $6.2 billion
• 2008: $82.3 billion
• 2013: $490 billion
• 2018: $746 billion
• 2023: $2.6 trillion

Tech Investments

After leaving Apple, Sculley grew to become CEO and chairman of Spectrum Information Technologies. He resigned after simply 4 months and filed a lawsuit towards the corporate’s president on account of being misled about SEC inquiries into Spectrum. Sculley went on to change into a prolific investor in tech startups. Early on, he was a founding investor in MetroPCS, NFO Research, and Hotwire.com, amongst different firms. In 1997, Sculley grew to become the chairman of Live Picture and co-founded PopTech. Just a few years later, he grew to become concerned with the web cell phone retailer InPhonic. Sculley subsequently invested in such firms as Wine Clip, Verified Person, and OpenPeak. In 2007, he co-founded the information firm Zeta Global with David A. Steinberg, and in 2014 was one among 4 co-founders of the smartphone producer Obi Mobiles, later renamed Obi Worldphone.

Personal Life

Sculley has been married a number of instances. He married his first spouse, Ruth, in 1960; that they had two kids earlier than divorcing in 1965. Sculley was subsequent wed to Carol Lee Adams from 1978 till their divorce in 2011. Two years after that, he married Diane Poli. The couple resides in Palm Beach, Florida.

Real Estate

In 2009 Sculley and his second spouse paid $8 million for a house in Palm Beach, Florida. He relinquished this property to Carol Lee Adams after their separation. She offered the mansion in 2013 for $11 million.

In January 2018 Sculley paid $14.925 million for an oceanfront mansion in Palm Beach, Florida. The property features a personal cabana on the seaside throughout the road. This was an excellent buy. Today the property is probably going price north of $30 million.