AfterDawn: Tech news

Tim Cook given massive stock award from Apple

Written by Andre Yoskowitz (Google+) @ 09 Jan 2012 19:38 User comments (3)

Tim Cook given massive stock award from Apple Tim Cook has just been given a massive stock award from Apple for his 5 months as CEO of the company.
The executive, on top of his $900,000 salary, will receive restricted stock and options valued at $376 million. For 2012, Cook's salary will increase to $1.4 million, as well.

In their award, the Apple board of directors said (via Cnet) the pay is based on "Cook's performance in assuming responsibility for the company's day-to-day operations during Mr. Jobs's prior leaves of absence. The Board also took into account the 10-year vesting period of the award, the importance of retaining Mr. Cook, and the opportunities Mr. Cook would likely have if he were to seek other employment."

Cook was previously the COO under former CEO Steve Jobs and took over his role all three times Jobs was forced to take medical leaves for his cancer treatments and his liver transplant.

The compensation package is not the first for Cook, who was given 1 million restricted shares of Apple stock that vest in 5 years. At current value, those shares are worth over $400 million.

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3 user comments

110.1.2012 13:29

It's good to be king I guess... I hope you folks buying CrApple products take notice. All the money that is going in his pocket? That could have been a substantial savings in YOUR pocket.

I'm not saying that the man may/may not have earned his living. I just refuse to believe he earned THAT MUCH. I mean, how many babies did he bring back from the dead (himself, not by f*ing proxy either) or towns did he save from drowning, that kind of thing...

I'm just saying. I mean really... You all did have to stand for how long in line to get a new phone when it came out? you'd think he would mandate at least a faster report time for you folks if nothing else.

$376 Mill... I could puke... and in this economy...


210.1.2012 14:42

Holy piss...and how much does Apple spend on research again? I'd be dumbstruck if they spend that much in development of the iPhone 4s...or any recent product.

311.1.2012 4:20

Originally posted by LordRuss:
It's good to be king I guess... I hope you folks buying CrApple products take notice. All the money that is going in his pocket? That could have been a substantial savings in YOUR pocket.

I'm not saying that the man may/may not have earned his living. I just refuse to believe he earned THAT MUCH. I mean, how many babies did he bring back from the dead (himself, not by f*ing proxy either) or towns did he save from drowning, that kind of thing...

I'm just saying. I mean really... You all did have to stand for how long in line to get a new phone when it came out? you'd think he would mandate at least a faster report time for you folks if nothing else.

$376 Mill... I could puke... and in this economy...
Planet Earth is now just one big corporate entity. We are the stock. The only problem we have now? Excess stock! It wont be long before the fire sale/stock reduction begins. Especially after reading the headlines - "Alarm as Dutch lab creates highly contagious killer flu" as a potential Bio weapon.

Trin - Making Digital Waves

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