Having topped Forbes‘ list of the U.S.’s highest-paid CEOs last year with a total compensation of $646 million — thanks almost entirely to restricted stock grants that vested in 2006 — Apple’s AAPL $1-a-year CEO dropped to No. 120 this year. Total 2007 compensation: a mere $14.6 million.

Steve Jobs doesn’t even make the magazine’s list of the top 10 highest-paid tech CEOs. Oracle’s ORCL Larry Ellison, America’s highest-paid CEO, is also No. 1 on the tech list (total 2007 compensation: $192.9 million).

Among tech CEOs, Jobs came in at No. 11, despite the fact that his company is one of the most efficient in terms of return on investment, delivering 99.3% in fiscal year 2007, second only to MEMC (126.1%).

You can page slowly through pictures of the top 12 technology CEOs at Forbes.com (link), or take them in at a glance below:

  1. Larry Ellison, Oracle: $192.9 million
  2. Nabeeb Gareel, MEMC Electronic Materials: $79.6 million
  3. John Chambers, Cisco: $54.8 million
  4. Mark Hurd, HP: $27.6 million
  5. Jen-Hsun Huang, NVIDIA: $24.6 million
  6. Samual Palmisano, IBM: $24.3 million
  7. Wendell Weeks, Corning: $22.6 million
  8. Joseph Tucci, EMC: $20 million
  9. William Sullivan, Agilent: $17.4 million
  10. Paul Otellini, Intel: $16.3 million
  11. Steve Jobs, Apple: $14.6 million
  12. Jonathan Schwartz, Sun: $13.5 million

Methodology: “Forbes compiled the list by calculating the overall compensation for the past year for executives, factoring in salary, cash bonuses, vested stock grants, stock gains and exercised stock options.”